How has the real federal minimum wage rate changed? The real federal minimum wage rate _____. A. was higher in 2009 than it was in 1968 B. was lower in 2009 than it was in 1968 C. increases every year. D. decreases every year
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How has the real federal minimum wage rate changed? The real federal minimum wage rate _____.
A. was higher in 2009 than it was in 1968
B. was lower in 2009 than it was in 1968
C. increases every year.
D. decreases every year
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Solved in 2 steps
- ) Suppose that 20,000 of the employed switches to jobs in the undergroundeconomy. When interviewed by STATIN, 50% of these switchers report that theyare not working and not seeking work, while the other 50% report that they arenot working but seeking work. Explain what happens to the officialunemployment rate and the “true” unemployment rate. (d) Illustrate and carefully explain the impact of an increase in the income tax ratefrom 25 percent to 35 percent on the demand for labour, supply of labour,equilibrium wage and level of employment.1.Suppose that 20,000 of the unemployed switches to jobs in the underground economy. when interviewed by Statin, 50% of these switches report that they are not workingand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unemployment rate 2. Illustrate and carefully explain the impact of an increasein the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment. Please see table below for information 987,156 currently working 23,000 volunteer workers 9845(ages 13-14) looking for work 12,000 (ages 15)looking for work 45,600 Part-time workers 56 family workers who worked 15 hrs a week 234 self-employed 6543 discouraged workers 67,432(ages 23-25)looking for work 67,890 laid off receptionists looking for work 544,321(ages 16-20) looking for work) current population is 6,000,000 5654 Temp workers…1.Suppose that 20,000 of the employed switches to jobs in the underground economy. when interviewed by Statin, 50% of these switches report that they are not workingand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unemployment rate 2. Illustrate and carefully explain the impact of an increasein the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment. Please see table below for information 987,156 currently working 23,000 volunteer workers 9845(ages 13-14) looking for work 12,000 (ages 15)looking for work 45,600 Part-time workers 56 family workers who worked 15 hrs a week 234 self-employed 6543 discouraged workers 67,432(ages 23-25)looking for work 67,890 laid off receptionists looking for work 544,321(ages 16-20) looking for work) current population is 6,000,000 5654 Temp workers…
- John's employer tells him that he will be getting an decrease in his hourly wage of 10%. John also learns that his cost of living is falling by 15%. In economic terminology, John is getting a: Question 35 options: A) A nominal wage increase and a real wage decrease B) A nominal wage decrease and a real wage decrease C) A nominal wage increase and a real wage increase D) A nominal wage decrease and a real wage increase(c) Suppose that 20,000 of the employed switches to jobs in the undergroundeconomy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the “true” unemployment rate. (d) Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment.c) Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the “true” unemployment rate. (d) Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment. (e)The central bank of your assigned Caribbean country decides to pursue an expansionary monetary policy.(i) Identify one possible action they could take. (ii) Carefully explain, in as much detail as possible, how the chosen action will impact the money market. (iii) Illustrate the overall impact of the chosen action on the money market.
- 6. Taylor just received a 3% pay increase but the current rate of inflation is 4%. We can say that Taylor’s real wage has Select one: a. remained the same b. fallen by 1% c. risen by 1%.1)Plot the following markets on a graph: Labor market: using 5 laborers and $5.00 for wage as point A (equilibrium). AD/AS graph: using 19.1 trillion for RGDP and 1.9% for inflation as point A (equilibrium). How will our AD/AS graph look like when Congress implements an income tax hike in the labor market?The table below represents the goods that are produced by Siri bread and water are used by the citizens of the city half of all plows are used by the city Council while the rest are used by citizens metal is used to produce plows and Nothing More when necessary use 2013 as the base year the typical consumer buys 10 bread 100 water and two plows.a. In what year was the water in the most expensive in real terms show work b. What was the real wage for Jakku's minimum wage of $8.25 in 2014
- 1. Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the “true” unemployment rate. 2. llustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment.(a) Explain the difference between the nominal wage and the real wage. Using a wage setting curve and a price setting curve illustrate how the real wage determines the equilibrium level of employment in the economy. (b) On a new diagram use a wage setting curve and a price setting curve to illustrate the change to the equilibrium level of employment if there is a reduction in the degree of competition faced by firms. Clearly state what will occur to the real wage and the level of unemployment.1. Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. a. Explain what happens to the official unemployment rate and the “true” unemployment rate. b. Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment.
