Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
Textbook Question
Chapter 21, Problem 46P

A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.

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A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.
Using a graph or equation, discuss how the end of the ban on employment for married women affects the average education level of women who were about to finish secondary school in 1973 (when the ban ended).
Identify two reasons why a wage might rise above the market equilibrium,and describe their effect on the labor market.

Chapter 21 Solutions

Principles of Economics 2e

Ch. 21 - If you an? out of school but working part time,...Ch. 21 - What happens to the unemployment rate when...Ch. 21 - What happens to the labor force participation rate...Ch. 21 - What are some of the problems with using the...Ch. 21 - What criteria do the BLS use to count someone as...Ch. 21 - Assess whether the following would be counted as...Ch. 21 - Are U.S. unemployment rates typically higher,...Ch. 21 - Are U.S. unemployment rates distributed evenly...Ch. 21 - When would you expect cyclical unemployment to be...Ch. 21 - Why is there unemployment in a labor market with...Ch. 21 - Name and explain some of the reasons why wages are...Ch. 21 - What term describes the remaining level of...Ch. 21 - What forces create the natural rate of...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - What is frictional unemployment? Give examples of...Ch. 21 - What is structural unemployment? Give examples of...Ch. 21 - After several years of economic growth, would you...Ch. 21 - What type of unemployment (cyclical, frictional,...Ch. 21 - Using the definition of the unemployment rate, is...Ch. 21 - Is a decrease in the unemployment rate necessarily...Ch. 21 - If many workers become discouraged from looking...Ch. 21 - Would you expect hidden unemployment to be higher,...Ch. 21 - Is the higher unemployment rates for minority...Ch. 21 - While unemployment is highly negatively correlated...Ch. 21 - Why do you think that unemployment rates are lower...Ch. 21 - Do you think it is rational for workers to prefer...Ch. 21 - Under what condition would a decrease in...Ch. 21 - Under what condition would an increase in the...Ch. 21 - As the baby boom generation retires, the ratio of...Ch. 21 - Unemployment rates have been higher in many...Ch. 21 - Is it desirable to pursue a goal of zero...Ch. 21 - Is it desirable to eliminate natural unemployment?...Ch. 21 - The U.S. unemployment rate increased from 4.6 in...Ch. 21 - A country with a population of eight million...Ch. 21 - A government passes a family-friendly law that no...Ch. 21 - As the baby boomer generation retires, what should...
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  • The Federal Reserve Bank of Atlanta releases its monthly Wage Growth Tracker to study trends in wages across various industries. One interesting issue is whether wages rise faster for those who stay in their current jobs (job stayers) or those who seek new opportunities (job switchers). According to the data, job stayers tend to do better than job switchers during a recession. But when the labor market is strong, job switchers experience higher wage growth than job stayers. a. During a recession, job stayers do better than job switchers because a.labor demand increases and job switchers can find jobs with higher wages. b.labor supply decreases and job switchers can find jobs with higher wages. c.labor demand decreases and job switchers cannot find jobs with higher wages. b. When the labor market is strong, job switchers experience higher wages than job stayers because a.labor demand decreases and job switchers cannot find jobs with higher wages. b.labor supply…
    Assume that the economy is in a recession and demand for labor is falling. Assume that wages are sticky. Draw a supply and demand graph that represents the labor market. Draw a graph that depicts what has happened to our demand and supply curves in the labor market, including our new equilibrium price and quantity of labor. Will the market experience an increase or a decrease in unemployment?
    Karl Marx argued that an 'Industrial Reserve Army of the Unemployed' would be produced by capitalism and would serve as a check on wages. In his argumentation, how does capitalism produce unemployment? How does this affect wages? How do capitalists benefit from unemployment? How might unemployment hurt capitalists?
  • Question   How will each of the following scenarios impact the market for labour   The country receives an influx of new immigrants.   Please choose one of the options below for EACH of the following   decrease employment, shift inward/ to the left, Shift outward/ to the right, increase employment, increase wage rate, wage rate unchanged, curve unchanged (movement along the curve), decrease wage rate, employment unchanged   a) impact on demand for labour   b) impact on supply of labour   c) impact on wage rate   d) impact on employment level
    The number of adults not in the labor force of a country equals 6 million, and the number of individuals employed is 5 million. If there are 12 million potential adult workers in the economy, what is the current unemployment rate in this country? 45 percent 67 percent 21 percent 55 percent   If the opportunity cost of working outside the home increases, then ________ the labor supply curve, assuming all else equal. there will be a left shift in there will be a right shift in there will be an upward movement along there will be a downward movement along   Which of the following statements is true? Technological innovation always leads to unemployment in an economy as a whole. Technological innovation can cause wages to fall for some workers in an economy. Technological innovation increases wages for all workers in an economy. Technological innovation reduces the demand for goods and services in an economy.   If the annual inflation rate in an economy is i, then $1 borrowed at the…
    what are the factors that will lead to an increase in demand for workers in an economy?
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