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13255725191 - ECON1102 SUMMER SCHOOL 2011/2012 SUBMISSION...

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ECON1102 SUMMER SCHOOL 2011/2012 SUBMISSION QUESTION 2: DUE: FRIDAY 6 JANUARY 2012 BY 5PM. (i) Draw the demand and supply model of the labour market. What determines the slope and position of each curve? What factors may cause the demand for labour curve to shift? (ii) Use the model to show the possible effects of a minimum wage law on the level of employment in an economy. Briefly explain which workers benefit and which workers lose from a minimum wage. (iv) Provide a review of the main characteristics of Australian labour markets during recessions. (iii) Define what is meant by “the long term unemployed.” In recessions how are they affected and what policies should government introduce to improve their employment opportunities? In writing your answer you should refer to Chapter 3 of the textbook and the article “What happens to the Australian Labour Market in Recessions” Borland, Jeff (2009) available on the Macroeconomics 1 website.
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