Economics Ch 11 Quiz

Several factors should be considered when determining a fair and equal wage across the labor force. Preservation of the existing labor force, while minimizing the impacts on a business being able to maintain their competiveness is a critical

The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.

Levitt explains about conventional wisdom. He also explains the similarities between a drug dealer gang and corporate America. This is a unconventional example that Levitt uses to explain the structure of corporations and businesses, with a low amount of high tier workers at the top of the pyramid making most of the money and also having hundreds of low tier workers below, even though these are the workers that are the main supporters of the structure to keep it from falling. Another essential part in this chapter is the different variables that add to wage assurance. Employments that have many people accessible to do them by and large pay lower, while occupations that require a particular ability not regularly found will pay higher. Clearly, occupations that are less attractive or even hazardous must pay higher, with a specific end goal to give workers enough motivation to stay in the position. At last, if there is popularity for a specific administration, occupations in that administration industry will have higher pay, since more buyers are seeking it

Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:

4. The global economy of today has made it easier for employers to pass labor cost increases on to consumers by raising product or service prices.

8 (TCO 3) Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a monopolistic competitor?

This involves employers and trade unions negotiating enterprise agreements in order for a raise in real wages or working conditions,

It is indicated that on page seven in his book, In Our Hands: A plan to Replace the Welfare State, Charles Murray of the American Enterprises outlines his proposal to establish a Universal Basic Income or UBI. Furthermore, based on the work that I have learned in this class over the course of the semester, I believe my overall evaluation of this proposal is that it seems like a great ideal proposal for the United States of America because it provides every individual the opportunity to receive a Universal Basic Income (UBI). However, after learning about what the proposal contains, it seems like it would not be an achievable or possible idea due to various factors. Therefore, it would alter the distribution

1. College logo t-shirts priced at $15 sell at a rate of 25 per week, but when the bookstore marks them down to $10 it finds that it can sell 50 t-shirts per week. What is the price elasticity of demand for the logo t-shirts? Is the demand elastic or inelastic?

Demand refers to the quantity of products people are willing and able to purchase during some specific time period, all other relevant factors being held constant. Price and quantity demanded stand in a negative (inverse) relationship: as price rises, consumers buy fewer units; and as price falls, consumers buy more units (Stone 75).

d. When the wages does not adjust to equilibrium level, there would be an increase of unemployment in the auto industry and shortage of workers in aircraft.

Evaluate each of the following changes in supply and/or demand. How will each affect equilibrium price and quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on shifts, will the answers be indeterminate?

So any shift in the supply or demand line can affect where the equilibrium is in the labor market. We can look at things that first could cause the supply line to increase which would make the line on the graph sway to the right. Some of the causes for this to increase is that wages go up, causing more people to want to enter the workforce, the population increases, or more homemakers want to enter the workforce. Things that could make the supply line decrease, making the line sway to the left are: emigration, wages go down, more people wanting to become homemakers, or a rise in people collecting welfare. When the demand costs of materials go up and productivity goes down, costs of labor goes down.

Of the three resources of production (land, labor,capital), the labor segment is the most important. Specifically, labor Unions and how they affect the labor market, how skills and education effect the labor market, and the fluctuating employment rates. First,

Labor markets are the external supply pool from which employers attract employees. Within the labor market, the labor force population and applicant population are derived. The labor force population is made up of all the individuals that may be reached using different recruiting methods. Recruiting