Considering the level of the US minimum wage is should be the minimum wage in the US is Positive; normative Normative; positive economics; considering what economics.
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- Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?Using a diagram of the labor market, show the effectof an increase in the minimum wage on the wagepaid to workers, the number of workers supplied, thenumber of workers demanded, and the amount ofunemploymentNeed help asap . Pls be correct The minimum wage regulations does not lead to a increase in the welfare of all the labors in the market. Explain how?
- Each person is assign O Security Stability Which of these economic goals is most important in a market economy? O Equity O Efficiency Job an 5 Which of these economic goals is most important in a command economy? = age REMLER DE RUPredict how each of the following events will raiseor lower the equilibrium wage and quantity of oilworkers in Texas. In each case, sketch a demand andsupply diagram to illustrate your answer.a. The price of oil rises.b. New oil-drilling equipment is invented that ischeap and requires few workers to run.c. Several major companies that do not drill oilopen factories in Texas, offering many well-paidjobs outside the oil industry.d. Government imposes costly new regulations tomake oil-drilling a safer jobWhat 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.
- The graph shows a market for labor Draw a line that atrales a minimum wage that creates unemployment of 3 million hours a year Label t OA price floor OB quantity celing OC price celing OD quarty foor 400 5.50 100 450- 4004 3.50 300 250 2004 Wage a las per hour * 2007 zis-a zis No 250 260 Qty of hours per year **Draw only the objects specified in the questionIn the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?What is die price commonly called in the labor market?
- Imagine that the government reworks the welfare policy that was affecting Jonathan in question 1, so that for each dollar someone like Jonathan earns at work, his government benefits diminish by only 30 cents. Reconstruct the table from question 1 to account for this change in policy. Draw Jonathans labor-leisure opportunity sets, both for before this welfare program is enacted and after it is enacted.What would be a sign of a shortage in financial markets?Draw the cobweb model far Fluctuation of marlcet price. A cobweb model fer market economy graph from given D= 12.4-1.2p,Š=8 o -0.6 P-ti D=S, Po=1 data: given
