Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 1IAPA
To determine
To draw:
A graph of demand and supply of labor in Korea and the US, and mark a point at the equilibrium of the quantity of labor per person per week and the real wage rate in each economy.
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Suppose the money wage rate rises from
$40.00
to
$46.20
an hour and consumer prices rises by
10
percent. What would be the effect in the labor market?
We would expect _______ people to try to find a job and employed people to want to work _______ hours.
A.
fewer;
shorter
B.
more;
longer
C.
the same number of;
the same number of
D.
fewer;
longer
The _______ would _______.
A.
quantity of labor supplied; decrease
B.
supply of labor; decrease
C.
quantity of labor supplied; increase
D.
supply of labor;
Three main ideas help explain why the prices of some services, such as education, health care, and the performing arts, continue to rise relative to those of other goods or services. Fill in the following table by selecting the missing idea.
Which option fits the blank the best?
1. ____________________________________
a. Real wages in different occupations must rise at similar rates in the long run,
b. real wages in different occupations can rise at varying rates in the long run,
c. only real wages in similar occupations must rise at similar rates in the long run
===========================================
2. Real wages tend to rise at the same rate as labor productivity.
3. Productivity cannot or does not grow for certain services.
Using these three ideas, indicate which of the following statements about high school teachers and factory workers is true in accordance with the cost disease of the personal services? Check all that apply.
A. Wages of high school teachers will…
What is the ‘impact of a increase in the price of computer chips on the market for personal computers classify as?
a. Micro, examining one individual
b. Micro, examining one specific firm
c. Micro, examining one sector of economy
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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- Three main ideas help explain why the prices of some services, such as education, health care, and the performing arts, continue to rise relative to those of other goods or services. 1. real wages in different occupations can rise at varying rates in the long run, 2. Real wages tend to rise at the same rate as labor productivity. 3. Productivity cannot or does not grow for certain services. Using these three ideas, indicate which of the following statements about high school teachers and factory workers is true in accordance with the cost disease of the personal services? Select all that apply. A. Wages of high school teachers will rise at a faster rate than the rate of productivity growth. B. Because high school teachers are no more productive than they used to be but factory workers are, the real wage of factory workers must grow faster than that of high school teachers. C. The services of high school teachers will become relatively more expensive than those of…arrow_forwardThree main ideas help explain why the prices of some services, such as education, health care, and the performing arts, continue to rise relative to those of other goods or services. 1. real wages in different occupations can rise at varying rates in the long run, 2. Real wages tend to rise at the same rate as labor productivity. 3. Productivity cannot or does not grow for certain services. Using these three ideas, indicate which of the following statements about high school teachers and factory workers is true in accordance with the cost disease of the personal services? Check all that apply. A. Wages of high school teachers will rise at a faster rate than the rate of productivity growth. B. Because high school teachers are no more productive than they used to be but factory workers are, the real wage of factory workers must grow faster than that of high school teachers. C. The services of high school teachers will become relatively more expensive than those of…arrow_forwardAssume 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?arrow_forward
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