Three Ways Bureau Of Labor Statistics

Snow Yu Professor Hicks Econ 1 05/05/17 Chapter 28: Questions for Review: 1, 3, 7 Problems and Applications: 1, 3, 8, Questions for Review 1.The three ways Bureau of Labor Statistics divides everyone are by adult as employed, unemployed, or not in the labor force and the labor force are the sum of the employed and the unemployed. The percentage of labor force is the unemployment rate, and the percentage of the total adult population in the labor force is the labor force participation rate. 3. Unemployment is a short term because most people who are unemployed can find new jobs quickly, but other unemployment is relatively few workers who are unemployed for a long time. 7.The four reasons why a firm’s profit might increase when …show more content…

In the demand for labor force in these two industries when the economy opens itself to international trade, the auto workers will fall and when aircraft industry begins to export, the demand will increase. c. When these shifts in demand affect equilibrium wages both in the short run and in the long run, the auto manufacture will fall eventually, and the aircraft manufacture will rise. The new workers will go to aircraft industry and will decrease the wage down until the two wages for both industries are the same. d. When the wages does not adjust to equilibrium level, there would be an increase of unemployment in the auto industry and shortage of workers in aircraft. Chapter 18: Questions for Review: 1, 2, 3, 5 1.The firm’s production function is the relationship between the quantity of labor used in the production and the quantity of output. Marginal product of labor is increase in the amount of output from an additional unit of labor. The value of a marginal product is the marginal product of labor that multiply by the output of market price. 2.Technological change and changes in the supply could shift the demand for labor 3.Changes in tastes and preferences, and …show more content…

2.Education is a type of capital by that represent expenditure of resources at certain point to raise productivity in the future. 6. Whether a group of workers has a lower wage because of discrimination it is because of the different attributes of education and experience. 7. Because the most business owners care only about earning profits and when they start to focus of discriminating, there is a huge loss of profits. 8. An example will be when customers prefer men employee more than women employee at a department store. Problems and Applications 1a. Since the summer intern job pay less so the opportunity cost is the wage that the student could earn more in another job. b. Students are willing to take these jobs for experience in the student’s resume and in the future, the internship can become aa permanent job. c. I would expect that students who worked as interns will make more income later in the future. 7a. Merit pay would reward better teachers, it is the incentive to improve better quality of teaching for the students and this will bring in new skilled workers in to the