Wage rate $16 15 14 S 0 80 100 110 Reference: Ref8(23)-10 Figure: The Labor Market 200 Quantity of labor (in thousands) (Figure: The Labor Market) Use Figure: The Labor Market. The equilibrium wage rate is: A. $14. B. $16. C. $15. D. $17.

WAGE RATE (Dollars per worker) The following graph shows the labor market for textile workers. Assume that all firms in the textile industry must hire union workers. The union representing the textile workers enacts a "Buy Union" advertising campaign. The advertising campaign successfully increases the demand for domestically produced textiles (all of which are made by unionized workers). Shift the demand or supply curve on the following graph to illustrate the impact of the union's actions. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Supply Demand Demand QUANTITY OF LABOR (Thousands of workers) Supply ? As a result, the wage rate for textile workers and the level of employment in the textile industry The following graph shows the labor market for dockworkers. Assume that all shipping firms must hire union-licensed…

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Labor Demand Data Labor Supply Data Employment Total Product Product Price Employment Wage Rate о 1 2 23 3 4 56 5 6 SNO $2.20 15 2.00 1 $ 1.00 28 1.80 2 2.00 39 1.60 3 3.00 48 1.40 4 4.00 55 1.20 5 5.00 60 1.00 6. 6.00 The table shows labor demand data on the left and labor supply data on the right. What will be the profit-maximizing wage rate? $6 $4 $3 © $5

Hydraulic fracturing (tracking) has the potential to significantly increase the amount of natural gas produced in the United States. If a large percentage of factories and utility companies use natural gas, what will happen to output, the price level, and employment as tracking becomes more widely used?

Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?

The following graph shows the relationship between a worker’s years of education and the salary he or she is likely to earn.   What is wrong with this graph? It doesn’t label the variables on the two axes.   It gives no information about the units for the variables.   It uses different scales on the two axes.   It has no data.

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