Billion dollars to increase employment

Assignment Help Business Economics
Reference no: EM131405421

1. True/false/ambiguous (35 points total) For each of the following, indicate whether the statement is true, false, or ambiguous, and briefly explain your answer.  If your answer depends on any assumptions, state them clearly.  Use graphs or equations to illustrate your answer whenever it is helpful.  

a. The theory of labor supply can explain why rising real wages over the latter half of the 20th century led to increases in women's employment, because the increase in the wage makes the opportunity cost of not working higher, leading women to choose to work.  

b. In a competitive labor market, workers are wage takers, but the wage will still decline if many workers increase their labor supply.

c. When firms use two inputs, labor and capital, an inelastic demand for the product firms produce implies that labor demand will be more elastic.

d. Because they create competition between workers, competitive labor markets can lead to workers earning a wage lower than the value the value they place on their time.  

e. Because the income tax reduces the effective wage workers earn, a higher income tax rate causes people to work less.     

f. An increase in the minimum wage doesn't necessarily raise a firm's cost of production because firms can respond to the higher minimum wage by substituting away from labor and towards other inputs.  

g. The Obama administration enacted a federal stimulus that spend nearly $800 billion dollars to increase employment and reduce unemployment. The fact that the unemployment rate is now at about the same level as it was before the stimulus demonstrates that the stimulus failed.

Reference no: EM131405421

Questions Cloud

Unemployment rate in the united states : a. In April 2011, the unemployment rate in the United States increased from 8.8% to 9%.  This means the economy is not yet recovering from the Great Recession.
What is the dc level of the output? : Now, If the opamp is a real op-amp with finite gain Ao=10,000, (for now assuming ro=0) but you use the same values for RF, C1 and C2 how do the gain and high-pass corner frequency change? What is the DC level of the output
Buys labor in a competitive market at price : Suppose a firm uses only one input (L) to produce output y, with the production function y = L1/2.  Suppose the firm sells its output in a competitive market at price p, and buys labor in a competitive market at price w.
Draw the budget constraint over leisure and money : Suppose a worker faces the wage w, has time endowment T, and has non-labor income Y. a. Draw the budget constraint over leisure and money spent on consumption goods (M) for this worker, clearly labeling all points, slopes, etc.
Billion dollars to increase employment : The Obama administration enacted a federal stimulus that spend nearly $800 billion dollars to increase employment and reduce unemployment. The fact that the unemployment rate is now at about the same level as it was before the stimulus demonstrate..
Ecological impacts of japan wartime fuel production : What are the ecological impacts of Japan's wartime fuel production? Are there present day equivalents to that method of fuel production? Not too short but not too long about 150
What should be our position on immigration : 1. What should be our position on immigration ? During our history, has immigration had a positive or negative impact on this country? Which of these policies would you favor-Republican or Democrat? Why? Does the Trump approach make us safer?
What is country a balance of : What is Country A's balance of: {Export of Services - Imports of Services +Income Receipts - Income Payments + Net Gifts?}
Opportunity cost of going to college next year : Sandy could take a job paying $10,000 a year when she graduates from high school, or she can go to college and pay $9,000 a year for tuition. Measured in dollars, what is her opportunity cost of going to college next year?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd