Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 21, Problem 46P
A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this
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After World War II, social norms relating to women’s participation in the labor force relaxed and women were more likely to be employed outside the home. We would expect to see the labor supply curve:
Not shift, but move downward along the curve.
shift left.
shift right.
Not shift, but move upward along the curve.
Assume that the economy is in a recession and demand for labor is falling. Assume that wages are sticky.
Draw a supply and demand graph that represents the labor market. Draw a graph that depicts what has happened to our demand and supply curves in the labor market, including our new equilibrium price and quantity of labor. Will the market experience an increase or a decrease in unemployment?
Make sure you clearly label your graph, all of its components, and any curve shifts are clearly marked with the beginning and ending curves (you can use 0 and 1 or 1 and 2 to designate the first and the second curves).
Assume that the economy is in a recession and demand for labor is falling. Assume that wages are sticky.
Draw a supply and demand graph that represents the labor market. Draw a graph that depicts what has happened to our demand and supply curves in the labor market, including our new equilibrium price and quantity of labor. Will the market experience an increase or a decrease in unemployment?
Chapter 21 Solutions
Principles of Economics 2e
Ch. 21 - Suppose the adult population over the age of 16 is...Ch. 21 - Using the above data, what is the unemployment...Ch. 21 - Over the long term, has the U.S. unemployment rate...Ch. 21 - Whose unemployment rates are commonly higher in...Ch. 21 - Beginning in the 1970s and continuing for three...Ch. 21 - Is the increase in labor force participation rates...Ch. 21 - Many college students graduate from college before...Ch. 21 - What is the difference between being unemployed...Ch. 21 - How do you calculate the unemployment rate? How do...Ch. 21 - Are all adults who do not hold jobs counted as...
Ch. 21 - If you an? out of school but working part time,...Ch. 21 - What happens to the unemployment rate when...Ch. 21 - What happens to the labor force participation rate...Ch. 21 - What are some of the problems with using the...Ch. 21 - What criteria do the BLS use to count someone as...Ch. 21 - Assess whether the following would be counted as...Ch. 21 - Are U.S. unemployment rates typically higher,...Ch. 21 - Are U.S. unemployment rates distributed evenly...Ch. 21 - When would you expect cyclical unemployment to be...Ch. 21 - Why is there unemployment in a labor market with...Ch. 21 - Name and explain some of the reasons why wages are...Ch. 21 - What term describes the remaining level of...Ch. 21 - What forces create the natural rate of...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - What is frictional unemployment? Give examples of...Ch. 21 - What is structural unemployment? Give examples of...Ch. 21 - After several years of economic growth, would you...Ch. 21 - What type of unemployment (cyclical, frictional,...Ch. 21 - Using the definition of the unemployment rate, is...Ch. 21 - Is a decrease in the unemployment rate necessarily...Ch. 21 - If many workers become discouraged from looking...Ch. 21 - Would you expect hidden unemployment to be higher,...Ch. 21 - Is the higher unemployment rates for minority...Ch. 21 - While unemployment is highly negatively correlated...Ch. 21 - Why do you think that unemployment rates are lower...Ch. 21 - Do you think it is rational for workers to prefer...Ch. 21 - Under what condition would a decrease in...Ch. 21 - Under what condition would an increase in the...Ch. 21 - As the baby boom generation retires, the ratio of...Ch. 21 - Unemployment rates have been higher in many...Ch. 21 - Is it desirable to pursue a goal of zero...Ch. 21 - Is it desirable to eliminate natural unemployment?...Ch. 21 - The U.S. unemployment rate increased from 4.6 in...Ch. 21 - A country with a population of eight million...Ch. 21 - A government passes a family-friendly law that no...Ch. 21 - As the baby boomer generation retires, what should...
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- Identify two reasons why a wage might rise above the market equilibrium,and describe their effect on the labor market.arrow_forwardConsider an economy with two labor markets: one for manufacturing workers and one for service workers. Suppose initially that neither is unionized. Which of the following will happen to the manufacturing labor market if manufacturing workers formed a union? Check all that apply. The wage of manufacturing workers will fall. The demand for manufacturing workers will remain unchanged. The supply of manufacturing workers will increase. Some manufacturing workers will become unemployed. Which of the following describes the effect of the changes in the manufacturing labor market on the market for service workers, which is not unionized? Check all that apply The wage of service workers will fall. The supply of service workers will remain unchanged. The demand for service workers will remain unchanged. There will be an increase in employment in the service sector.arrow_forwardConsider an economy with two labor markets: one for manufacturing workers and one for service workers. Suppose initially that neither is unionized. Which of the following will happen to the manufacturing labor market if manufacturing workers formed a union? Check all that apply. The wage of manufacturing workers will fall. The demand for manufacturing workers will remain unchanged. The supply of manufacturing workers will increase. Some manufacturing workers will become unemployed. Which of the following describes the effect of the changes in the manufacturing labor market on the market for service workers, which is not unionized? Check all that apply. The wage of service workers will fall. The supply of service workers will rise. The demand for service workers will fall. There will be an increase in employment in the service sector.arrow_forward
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