If the nominal wages of carpenters rose by 4 percent in 2022 and the price level decreased by 1 percent, then the real wages of carpenters Multiple Choice O decreased by 3 percent O Increased by 3 percent Increased by 1 percent increased by 5 percent
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- Illustrate the appropriate change and specify whethereach change represents an increase or a decrease. e. Ian, a manager at Kiddles Supermarket, decides to forego his vacation to NewYork when he learns that all employees’ salaries will be cut by 5 percent at theend of the month.What would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.JosephmigratedtoCanadafromGhana5yearsago.Hecurrently works in sales but is considering quitting work for two years to earn an MBA degree. His current job pays $40,000 per year (after taxes), but he could earn $55,000 per year (after taxes) if he had an MBA. Tuition is $10,000 per year, and the cost of an apartment near campus is equal to the $10,000 he is currently paying. His discount rate is 6 percent per year. He just turned 48 and plans to retire when he turns 60, whether or not he earns his MBA degree. Based on this information, should he go for an MBA degree? Explain carefully with appropriate calculations.
- Prepare a SWOT analysis using the details below. Maria is planning to open up a Cafeteria near her house. She closed her previousCafeteria few months ago because the rental keeps getting higher and the income is decliningbecause of the COVID19 pandemic. It came up to her the idea to open again since a lot ofpeople are asking for online delivery of their favorite snacks offered in her shop since most ofthe people would stay at home and would prefer food delivered in their doorsteps. Since sheowned a vacant lot near her house, and she thought that re-opening her shop in that locationwould be a great idea and she will not pay rentals anymore. And her Café Services will stillcontinue but with the added services like the Food Panda does.Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the O,bb-Douglas prod11ctio11 Ju11ctio11:Y = AK1/3 L 2/3,where Y is the amount ol outpu~ K is cl,e amount ofcapital, Lis the an10u.nt of labor, and A is a paran,eterthat measures the slate of technology. For this productionfunction, tl,e marginal product of labor isMPL = (2/3) A(K/ L)1/3 ·Suppose that the price of output Pis 2, A is 3, K is1,000,000, and Lis 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calcula te cl,e amount of output produced Y and thedollar value ol output PY.b. Calcula te cl,e wage Wand cl,e real wage W JP. (Note:11,e wage is labor compensation measured in dol•lars, whereas the real wage is labor compensationmeasured in units ol output.)c. Calcula te cl,e labor share (the fraction of the value ofoutpu t that is paid to labor), which is (Wl.)/(PY).d. Calcula te what happens to output Y, the wage W,the…Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.
- If you observed the equilibrium wage rate increasing while equilibrium employment increased, which of the following would be a possible explanation? There was: O a decrease in labor demand an increase in labor supply O a decrease in labor supply an increase in labor demand * Previous Next ASUS2000 2005 2010 2015 2020 95.4 107 116.5 126.6 137 The above table shows a history of the Consumer Price Index (CPI) in Canada (2002 100). The price of a pair of shoes in 2020 was $69. What was the real price of the pair of shoes in 2020, expressed in 2005 dollars? O A. $53.89 O B. $49.73 O C. $61.43 O D. $58.58 Next pageResources Submit All Question 21 of 30 <. The graph shows an individual labor supply curve. Use the graph to answer the questions. Between which two points on the graph does the income effect outweigh the substitution effect? Between points В B and C O A and C OD and E OC and E Quantity of labor Between which two points on the graph does the substitution effect outweigh the income effect? 8:2 46°F 12/1 a Wage rate
- 6. Suppose that the representative consumer's div- idend income increases, and his or her wage rate falls at the same time. Determine the effects on consumption and labor supply, and explain your results in terms of income and substitution effects.8 n9 on 10 tion 11 estion 12 K aestion 13 Question 14 Question 15 Question 16 Question 17 Suppose in 2019, the cost of a market basket of goods was $1,995. In 2021, the cost of the same market basket of goods was $2.119. Calculate the price index for 2021, using the price index formula, assume 2019 is the base year (Enter your response as an index number rounded to one decimal place.) Type here to search H ENCUsing calculus, show the effect of a change in the wage on the amount of leisure an individual wants to consume. The effect of a change in the wage, w, on leisure, L, is O A. ƏL dw O B. ƏL dw O c. ƏL dw O D. ƏL dw = ƏL dw = ƏL ƏL = (ONE ) + (11) (1) dw dY dw U constant ƏL U constant 이름 이름 dwu constant +L OE. both A and B. +L dwu constant ƏL dY +L ƏY dw ƏL dY