Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18, Problem 1QCMC
To determine
The competitive firm hiring labor.
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1. What are three reasons a worker's wage might be above the level that balances supply and demand?
2. Explain the difference between physical capital and human capital?
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A person stopped looking for a job but would accept one
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Chapter 18 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- how many workers are not in the labor forcearrow_forwardimprovement in the productivity of labor will tend toarrow_forwardWhich of the is NOT likely to increase the supply of labor? A. A big increase in the school leaving age B. An exponential increase in retirement age C. An increase in the number of migration D. None of the abovearrow_forward
- Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?arrow_forwardEducation seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?arrow_forwardThe term refers to a practice in which employers decide to hire more workers than are required for efficient production. a. misallocation b. productivity c. efficiency d. unemploymentarrow_forward
- The labor force is made up of all people who are at least 16 years old and are capable of working. TRUE OR FALSE?arrow_forwardWhich of the following does theory of labor migration predict? a. Workers are likely to migrate from low-wage states to high-wage states. b. Workers are likely to migrate from high-wage states to low-wage states. c. Workers migrate randomly. d. Workers migrate at most twice per lifetime. e. Older workers are more likely to migrate than are younger workers.arrow_forwardPlease as soon as possible.thank youarrow_forward
- Can the retained earnings be reinvested in the business? How?arrow_forwardSuppose all the people below have a job. Which one of them would not be considered part of the civilian labor force? Select one: a. a 15 year old. b. a 55 year old. c. a 65 year old. d. a 75 year old. e. a 105 year old.arrow_forwardA______ is a person who was employed in the civilian labor force and was either fired or laid offarrow_forward
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