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A firm's decision about how many workers to hire
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- What is the difference between factor cost and market price? According to macro economics?What is labor economics? Which types of questions do labor economists analyze?Indicate whether each of the following statement applies to microeconomics or macroeconomics: The unemployment rate in the United States was 5.0% in April 2008.
- Give typing answer with explanation and conclusion When a company only pays workers .50 an hour why would this be acceptable according to Martin Wolf’s theory?What are some of the uses to which labors tandards are put?Indicate whether each of the following statement applies to microeconomics or macroeconomics: U.S. output, adjusted for inflation, grew by 2.2% in 2007.
- . What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. 2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting 3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.Is the decision of mcdonalds to hire fewer workers because of an increase of minimum wage due to microeconomics or macroeconomics?A visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement given
- The lines on the graph are budget constraints, showing the tradeoff between labor and leisure. Suppose that when the wage changes, an individual chooses to move from point A to another point on the graph. For each of the other points, where would it belong on the backward bending labor supply curve? Backward‑bendingportionVerticalportionUpward‑slopingportion Answer Bank B D F C EDistinguish between macroeconomics and microeconomics citing example (s).For a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.