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PP_Slides_Class_12_Wednesday_February_20

PP_Slides_Class_12_Wednesday_February_20 - Good Afternoon...

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Good Afternoon!! Class 12 Wednesday, February 20
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1. The midterm exam in this class is a. Monday, February 25 b. Wednesday, February 27 c. Monday, March 10 d. Wednesday, March 12 e. Monday, March 17
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1. Which statement is true about the midterm? a. graphing calculators and cell phones are allowed b. I will provide a study sheet c. you may bring a formula sheet d. it is multiple choice and covers chapters 1 through 10 e. you don’t need to bring your MSU photo ID
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Unemployment Compensation Experiment labor market for low skilled workers
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Employer buyer value highest hourly wage willing to pay per hour Worker cost of working what the worker gives up to work an hour -work related expenses -unemployment compensation collect if not work
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3. When the demand for labor curve shifts left, the equilibrium wage _____ and the equilibrium quantity working _____. a. Rises Rises b. Falls Falls c. Rises Falls d. Falls Rises
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4. When the supply of labor curve shifts left, the equilibrium wage _____ and the equilibrium quantity working _____.
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