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- While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big way. If we assume that wages are sticky in a downward direction, but that around 1970 the demand for labor equaled the supply of labor at the current wage rate, what do you imagine happened to the wage rate, employment, and unemployment as a result of increased labor force participation?A proposal that is attracting increasing attention is a requirement that employers provide theirworkers with paid sick leave. This problem asks you to analyze the effects of such a policy on wages andemployment in normal times.a. How, if at all, would such a policy affect labor demand? (explain using MRP)b. How, if at all, would it affect labor supply? (explain using willingness to work)c. How, if at all, would the policy affect normal employment and the normal real wage (or is itnot possible to tell)? include graphs
- Matt loses his job as a solar panel installer and cannot find another position with equivalent pay and benefits. As a result, he is still According to economists, which term best describes Matt? a. under employed O b. a discouraged worker O c. unemployed Od out of the labour forceThe following questions all relate to the labour market. What is the participation rate? How does it affect unemployment (all else held constant)? How does labour market flexibility affect unemployment? Give an example of a policy that increases labour market flexibility and explain how it does so. What is the idea of "efficiency wages"? Give two reasons why "efficiency wages" might be paid?A basic finding of labor economics is that workerswho have more experience in the labor force arepaid more than workers who have less experience(holding constant the amount of formal education).Why might this be so? Some studies have also foundthat experience at the same job (called job tenure) hasan extra positive influence on wages. Explain whythis might occur
- What does the assumption of market clearing imply?(Explain) and Howapplicable is this assumption to the labour market in the longrun as well as the shortrun?on January 1, 2019, South Africa's first-ever national minimum wage came into effect. The legislation stipulated a minimum national rate of R20 per hour, or R3500 per month, depending on the number of hours worked. Some economists warned that it may depress SA's already high unemployment rate further by making it more expensive to hire workers. Using your knowledge of basic economic theory, illustrate and explain with the aid of a graph why some economists might have given such a warning?Some Firms Struggle to Hire Despite High Unemployment Matching people with available jobs is always diffi- cult after a recession as the economy remakes itself. But Labor Department data suggest the disconnect is particularly acute this time. Since the recovery began in mid-2009, the number of job openings has risen more than twice as fast as actual hires. If the job mar- ket were working normally, openings would be get- ting filled as they appear. Some five million more would be employed and the unemployment rate would be 6.8%, instead of 9.5%. Source: The Wall Street Journal, August 9, 2010 9. If the labor market is working properly, why would there be any unemployment at all?
- Assume that supply curve is vertical and labour demand curve shifts to the left.This would lead to a _______ real wage and _______ in unemployment. A) higher/increase B) lower/ decline C) no change / no change D) lower / no change E) lower / increaseOut of all types of unemployment , which type of unemplyment has increased the most with the covid lockdown(s) ? Explain briefly why that is?Are the following workers more likely toexperience short-term unemployment or long-termunemployment? Explain.a. a construction worker who is laid off because ofbad weatherb. a manufacturing worker who loses his job at aplant in an isolated areac. a stagecoach-industry worker who is laid offbecause of competition from railroadsd. a short-order cook who loses his job when a newrestaurant opens across the streete. an expert welder with little formal education wholoses his job when the company installs automaticwelding machinery
