What reasons do Arnold and Bowie give for doubting Maitland’s claim that improving employee wages will inevitably lead to more unemployment and poverty?
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What reasons do Arnold and Bowie give for doubting Maitland’s claim that improving employee wages will inevitably lead to more
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- Why do efficiency wages generate involuntary unemployment? What factors prevent the market from clearing in efficiency wage models?When unemployment exists in the supply and demand labor market model, there is an adjustment that brings the model back into equilibrium—back to full employment. Orthodox economists cite two mechanisms that cause the adjustment. Explain each of these.Are minimum-wage laws a better explanation forstructural unemployment among teenagers or amongcollege graduates? Why?
- Use the wage curve and the profit curve to show the equilibriumin a model of the labour market. Explain briefly why this equilibrium implies involuntary unemployment.The dual labor market hypothesis was proposed by the influential economist Gary Becker.Explain why wage rigidity due to labor unions may lead to structural unemployment.
- Consider the Mortensen-Pissarides model of unemployment. Set unemployment benefits to b=0 and suppose that both wages and recruiting costs are proportional to productivity:Which of the following statements is false? （only 1 correct answer） A. Unions can have sufficient bargaining power to push wages above competitive market levels. B. Sticky wage theories cannot explain frictional unemployment C. The search and matching model is an example of a sticky wage theory D. None of the above statements are false..The labor supply curve: Multiple Choice shows the number of firms that are willing and able to hire workers at each given wage. is made up of firms who want to hire workers at each given wage. shows that the number of firms that want to hire workers decreases as the wage increases. is made up of workers who want to work for firms at each given wage. In 2017, the city of Seattle passed legislation implementing a $15 per hour minimum wage. Critics of the plan argued that this legislation would increase: Multiple Choice cyclical unemployment. structural unemployment. frictional unemployment. real-wage unemployment.
- What happens to a supply curve when price changes but structural variables remain fixed? Provide an economic interpretation of this case.According to the theory of efficiency wages,a. firms may find it profitable to pay above-equilibrium wages.b. an excess supply of labor puts downward pressure on wages.c. sectoral shifts are the main source of frictional unemployment.d. right-to-work laws reduce the bargaining power of unionsdefine hysteresis on the labor market and give one reason why it may arise in a recession