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- a. What does the expression “marginal product of labour” mean? b. Why do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? c. How has that migration of labour been of advantage to other countries?Why is 'exploitation' an insufficient explanation for the Industrial Revolution? O Textile workers in Britain had already been exploited long before the Industrial Revolution. O Exploitation was terrible, but it was not unique to 18th century Britain. Exploitation explains a lot of the Industrial Revolution, but not all of it. O By 1760, Britain had abandoned its exploitation of its colonies.How did current labor market in the United States change by covid?
- Assume that a economy holds two factors of production, human capital managed by native-born workers and low skilled migrants. If large migration of low skilled migrants occurs, how will the influence the earnings of low skilled migrant?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 givenLet's say you stay in Blacksburg over the summer and work for $10/hr. Once classes start in the fall, you quit. Why? O you no longer need money. O the opportunity cost of leisure went up. O the opportunity cost of labor went up. O you moved down your labor supply curve.
- Consider the standard trade model with two goods and two factors, labour and capital(d) Explain the difference between export-biased growth and import-biased growth,commenting on their economic impact. (e) Discuss two reasons why international trade has strong effects on the distribution ofincome.(f) Explain why economists often consider the effects of free trade on incomedistribution to be less important than the effects on overall welfare. Discuss anexample where the distributional effect has had more lasting importance.In autarky, the return to land in a land-abundant country is higher than the same return in a land-scarce country Select one: O True O FalseChose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced substantial migration in workforce in the following order: From service sector to agriculture, and then from agriculture to manufacturing. b. Moderniization or advances in technology, and smarrter processes are example factors that have increased manufacturing productivity in the US. c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one sector, the labor force moves to another sector. d. b and c are true.
- In the context of a perfectly competitive model of the labour market, an increase in technologythat raises the marginal product of labour at any given level of employment would be expected, inequilibrium, toa) reduce the amount of labour required to produce a given amount of output and hence increaseunemployment.b) shift the labour demand curve outwards and lead to an increase in employment and wages.c) have no effect upon labour supply or labour demand curves and hence have no impact onemployment or wages.d) reduce the supply of labour to the market and result in an increase in wages but a fall inemployment Why the correct answer is B?What are some of the uses to which labors tandards are put?What is equilibrium in the labour market? a. Graphically demonstrate how the supply of labour in the U.S. is affected by the increase in the labour force resulting from Mexican immigrants. b.What other factors that can cause the labour supply curve to shift?
