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2. (a) Derive and carefully explain the wage- and price-setting model.
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- 2. (a) Derive and carefully explain the wage- and price-setting model. (b) In the context of the wage- and price-setting model, analyse the effects of (i) an oil price increase; and (ii) a rise in productivity.7 Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. Since this increases the supply of labor, prices and wages both decrease.10. If unskilled domestic workers and unskilled foreign workers are substitutes in the production process, then a more open foreign worker policy is likely to result in all of the following except: (A). The total supply of unskilled labor will shift outward.(B). The equilibrium wage rate in the market will decrease.(C). The total workforce will increase(D). The level of wages received by domestic workers will decrease.(E). The labor demand curve will shift to the right. Choose one of the answers from the five choices provided. And please, also provide a brief description, explanation or argument for your choice. Thank you Bartleby!
- Table 2 Employment and Unemployment Year Unemployment, total (% of labour force 2007 8.7 2014 7.1 2021 11.0 Unemployment, youth (% ages 16- 25) 18.8 17.0 28.06. In macroeconomics, _____________________ denotes the relationship between the totalquantity of goods and services and the price level for output.(A) macroeconomic equilibrium (B) aggregate supply (AS) (C) aggregate demand (AD) (D) potential GDP5. Which of the following statements is TRUE? (A) When supply rises, the price goes up. (B) The GDP deflator can measure inflation. (C) When demand falls, quantity rises. (D) The Bank of Canada controls all interest rates.
- (10) People who study __________________ __________________ believe that flexible prices cause markets to clear.12. Suppose that businesses in the economy stop paying efficiency wages: (a) In a supply and demand diagram for labor, does this change shift the demand curve for labor, the supply curve for labor, or does it leave both curves unchanged? (b) What happens to the wage rate that workers receive because of this change: does it rise, fall or stay the same? (c) What happens to employment as a result of this change: does it rise, fall, or stay the same? (d) What happens to unemployment as a result of this change: does it rise, fall, or stay the same?6.) Which of the following statements is positive? a.) Patent length should increase to encourage the development of new pharmaceutical drugs b.) TCNJ should lower its tuition c.) A higher minimum wage would cause unemployment d.) None of the above
- 5) The United States has an unemployment compensation program that provides income for those out of work. In this case, unemployment is not a problem, because the unemployment compensation program is not available to workers in all occupations until they find another job. still a problem, because the unemployment compensation program merely gives the unemployed enough funds for basic needs. still a problem, because the unemployment compensation program is not available to workers in the service occupations. not a problem, because the unemployment compensation program gives the unemployed enough funds for basic needs.(J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic system7 - : What is it called when the economy is deprived of the production and the gain of this factor if the labor is not employed? a) Ta employment B) Increase in crimes NS) Direct product and revenue loss D) loss of human capital TO) natural unemployment