Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 18, Problem 1QCMC
To determine
The competitive firm hiring labor.
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Students have asked these similar questions
I have two questions.
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?
What are the likely effects of technological
advancements on the labor market in terms
of employment and wages?
A. Technological advancements lead to
widespread unemployment and lower
wages.
B. Technological advancements create new
jobs but generally at lower wages.
C. Technological advancements eliminate
some jobs but also create new ones, often
with higher wages in newly emerging
sectors.
D. Technological advancements have no
significant effect on employment or wages.
Human capital refers to the accumulated skills and training
that workers possess.
A True
B False
Chapter 18 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Which one is considered a discouraged worker? A person stopped looking for a job but would accept one Retired person Fresh graduate entering the labor market High School Studentarrow_forwardhow many workers are not in the labor forcearrow_forwardimprovement in the productivity of labor will tend toarrow_forward
- Which 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_forwardWhy 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_forward
- Chose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced substantial migration in workforce in the following order: From service sector to agriculture, and then from agriculture to manufacturing. b. Moderniization or advances in technology, and smarrter processes are example factors that have increased manufacturing productivity in the US. c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one sector, the labor force moves to another sector. d. b and c are true.arrow_forwardThe labor force is made up of all people who are at least 16 years old and are capable of working. TRUE OR FALSE?arrow_forwardb. If a severe drought decreases labor productivity, explain what happens to: i. ii. iii. iv. V. Potential GDP Demand and supply of labor Employment The real wage rate Real GDP per personarrow_forward
- Which 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_forwardIf a country has a working-age population of 200 million, for which 135 million people with jobs, 10 million people who are looking for a job but have given up, and 5 million people unemployed and seeking employment, then its labor force is: a. 150 million b. 145 million c. 140 million d. 135 millionarrow_forward
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