Institutions such as labor unions and large corporations are able to set wage rates without regard to the market forces of supply and demand. True False
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Institutions such as labor unions and large corporations are able to set wage rates without regard to the market forces of
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- Which of the following statements is true? Minimum wage acts as a signal to the market to determine some wage fairness. Minimum wage creates unemployment Extent of job loss depends on the wage elasticity of demand for labour all of the above are true a) and c) onlyThe minimum wage is typically set above the market-clearing wage in the market for labor. Using a graph with an upward-sloping supply of labor, a downward-sloping demand for labor, with the quantity of labor measured on the horizontal axis and the wage rate on the vertical axis, show the effect on the labor market of a minimum wage set above the equilibrium wage rate. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Using supply and demand analysis, show the effects a binding minimum wage in a labour market can have on wage and employment levels, VERY clearly.
- The downward inflexibility of money wage rates is called: Price Floor Price Ceiling Minimum wage Rigid wage rates Law of diminishing returnsA minimum wage law is predicted to produce a. increased hiring of young and inexperienced workers. b. lower unemployment among young and inexperienced workers. c. higher unemployment among young and inexperienced workers. d. higher unemployment among all workers.Suppose Hinterland has been a closed economy (meaning there is no immigration from foreign countries and no international trade). The current labor force has 4 million skilled workers and 8 million unskilled workers. Both types of labor have perfectly inelastic supply curves, and the current skilled-unskilled wage ratio is 2.5. The elasticity of demand of skilled labor is -0.4, while the elasticity of demand of unskilled labor is -0.1. Suppose Hinterland allows a brief period of immigration, during which time 1 million skilled workers and 4 million unskilled workers migrate to Hinterland. Suppose there are no other changes to the economy. Approximately what is the new skilled-unskilled wage ratio? (Hint: The percent change in the wage ratio is approximately equal to the percent change in the skilled wage minus the percent change in the unskilled wage.)
- The unemployment caused by minimum wage would be larger if Question 2 options: both labor demand and labor supply are more elastic. minimum wage is set below the equilibrium wage rate. both labor demand and labor supply are perfectly inelastic. minimum wage is set equal to the equilibrium wage rate. both labor demand and labor supply are more inelasticThe following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT: Question 2 options: An increase in the Cost of college education. An increase in the value of leisure. An increase in Unemployment benefits.The price cap concept is one of the possible government interventions in the market and means that it is the price level at which a company must sell its product, which must be below the market equilibrium price. True or False
- In which case is the total amount of a payroll tax paid by employees through lower wages? Group of answer choices When the labor supply curve is horizontal. When the labor supply curve is vertical.. When the labor demand curve is vertical. When the labor supply curve is downward sloping at a 45-degree angle. When unemployment is widespread and the wage is above its market clearing level, a cut in employer payroll tax will Group of answer choices drive up wages but have little to no effect on employment and unemployment. increase employment, reduce unemployment, and have little effect on wages. be largely ineffective. benefit employers and have no effect on workers.Many unions attempt to raise the hourly wages received by their members by restricting the supply of workers firms can hire from. Assuming the demand for workers who belong to these unions is inelastic, this would cause: wages of individual union members and the total (combined) income of union members to increase. wages of individual union members to increase and the total (combined) income of union members to decrease. wages of individual union members and the total (combined) income of union members to decrease. wages of individual union members to decrease and the total (combined) income of union members to increase.Demand and supply conditions in the market for unskilled labor are important concerns to business and government decision makers. Consider the case of a federally mandated minimum wage set above the equilibrium, or market clearing, wage level. Some of the following factors have the potential to influence the demand or quantity demanded of unskilled labor. Influences on the supply or quantity supplied may also result. Holding all else equal, describe these influences as increasing or decreasing, and indicate the direction of the resulting movement along or shift in the relevant curve(s). A) An increase in the quality of secondary education. B) A rise in welfare benefits. C) An increase in the popularity of self-service gas stations, car washes, and so on.
