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- According to neoclassical labor supply model, one reason why women have lower labor force participation than men is gender wage gap, the fact that their time in labor markets is less valued than men. True FalseWhat is the Neoclassical Economics view of labor markets. How do they function? Does the economy produce full employment? How? If not, why?Which of the following is consistent with the neoclassical theory of the labour? Question 27 options: Workers are compensated according to their contribution to the social value of society. Workers earn a wage equal to the value they contribute to the economy. Wages are determined entirely by market supply. Wages are determined entirely by market demand.
- How do expectations about future economic conditions influence the speed of adjustment? Are there any other factors that might affect the speed of adjustment?In a neoclassical model, describe how each of the following developments or measures will impact unemployment:• a rise in income levels for consumers throughout the economy• cheaper imported products• a fall in government spendingSuppose an economy's production is defined by the following neoclassical production function: Y=3K1/3L2/3. Derive the labor demand equation by expressing labor, L, as a function of the real wage, w=W/P Don't answer by pen paper and don't use chatgpt otherwise we will give dounvote
- Suppose the marginal product of labor in the economy is given by MPN = 200 – 0.5N, while the supply of labor is 100 + 4w Find the market-clearing real wage rate What happens if the government imposes a minimum wage of 40? Is there involuntary unemployment? What happens if the government imposes a minimum wage of 60? Is there involuntary unemployment?Based on our understanding of the labor market model presented in Chapter 6, we know that a reduction in the markup will cause A) an increase in the equilibrium real wage. B) a reduction in the equilibrium real wage. C) an increase in the natural rate of unemployment. D) a reduction in the natural rate of unemployment and no change in the real wage.Using the Neoclassical model of Investment, mathematical equations and graphs, explain the real cost to rental firms of owning capital.
- Use the neoclassical theory to predict the impact on i) the real wage and ii) the real rental priceof capital of each of the following events:a) A wave of immigration increases the labor force.b) An earthquake destroys some of the capital stock.c) A technological advance improves the efficiency of production.There is an on‐going debate on how unemployment benefits affect the unemployment rate. In the context of the Mortensen‐Pissarides model, unemployment benefits are represented by the variable b. Explain carefully how an increase in b affects each equilibrium condition (Beveridge curve, vacancy supply condition, and wage setting curve.) How is the steady‐state unemployment rate impacted by an increase in b? Use the simulation tool here, https://www.briancjenkins.com/dmp‐model/simulation‐tool.html, to check your answer.If a neoclassical model shows increasing wages growing faster than productivity in the economy over the long run, what else will likely occur? inflationary increase in price level substantial short-term off-setting decrease in output change in government policy to decrease in aggregate demand short-run decrease in cyclical unemployment
