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2. (a) Derive and carefully explain the wage- and
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- 7 - : What is it called when the economy is deprived of the production and the gain of this factor if the labor is not employed? a) Ta employment B) Increase in crimes NS) Direct product and revenue loss D) loss of human capital TO) natural unemployment27- Choose the statement that does not describe Microeconomics. a. The effect of increasing the money supply on inflation. b. The purchasing decisions that an individual consumer makes. c. All of these d. The effect of an increase in the Tax on cigarettes on cigarette sales6. Average nominal wages are higher in large cities than small cities. This is consistent withA. Large cities are more productive.B. Large cities are more skilled.C. Wages aside, large cities are less attractive places to live.D. All of the above.
- INTR.17 Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year? a Sunk cost. b Opportunity cost. c It was an opportunity cost, but is now a sunk cost. d It was a sunk cost, but now is an opportunity cost.19- In an economy there is a 15.2 % fall in the consumer spending on the same basket of goods and services between the years 2015 and 2016. This means that there is ____. a. Deflation b. Rise in Price level c. No change in price level d. Inflation5. For this question, do not just provide a list of the actors in the labor market. Describe each actor in the market (i.e. what assumptions are made about them; what side of the market do they give us; relationship between employment and wages, etc.). labor economics chapter 1
- 16 - : What is the name of unemployment that occurs in certain periods in the economy? a) frictional B) negative unemployment NS) Structural unemployment D) incidental unemployment TO) Periodical6 Identify the term that describes the category of people, who are retired and not ready to work in an economy. a. Out of labor force b. Employed c. Unemployed d. Labor force12 Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?
- 5. Comparing salaries from different times Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2010 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings (Dollars) Year Golfer 1968 Billy Casper 1973 Jack Nicklaus U.S. CPI (1983 = 100) Winnings in 2010 Dollars 34.8 205,169 44.4 308,362 375,699 20,508,163 1981 Tom Kite 2010 Tiger Woods 90.9 224.9 20,508,163 True or False1. Illustrate and explain the impact of a minimum wage on the labour market. Period Minimum Wage Rate Unemployment Rate Inflation Rate Economic Growth Labour Force Participation 2019 - 2020 $17.50 2.8% 0.5% 2.8% 59.8% 2014 – 2018 $15.00 2.71% 3.5% 2.71% 62.6% 2010 - 2013 $12.50 2.21% 2.1% 2.21% 61.7% 2. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the years, determine whether the increased minimum wage had the expected impact from part a?1. if there is an increase of unemployment rate in the labor market, what would you recommend as a set of policies or programs to address such problems. Illustrate your recommendations geometrically (i.e., graphically).
