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USU-Intro To MacroEcon - Assignment 13

USU-Intro To MacroEcon - Assignment 13 - Assignment 13...

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Assignment 13 Question 1 (1 point) Which of the following is a true statement about leisure? 1. Leisure includes all hours that a person spends away from a paying job, regardless of how this time is spent. 2. When a person's salary increases, it often becomes possible to increase both labor and leisure. 3. If someone enjoys his or her job, then the time he or she spends at work is considered leisure. 4. Standing in line at the bank is not enjoyable and as a result is not considered leisure. 5. Leisure will always decrease as a person's wage increases. Question 2 (1 point) Which of the following is a reason that some economists do not agree with the concept of a labor-leisure tradeoff? 1. Some people do not work at all, so there is no labor-leisure tradeoff to study. 2. Since wages are paid in dollars and leisure is measured in time, there is no way to compare the two. 3. High-paying jobs are often considered more enjoyable. 4. On a day-to-day basis, most jobs do not have the flexibility to allow people to weigh the benefits and costs to determine how much they should work that day. 5. People have to pay taxes on their wages, so they don't really receive their entire wage. Question 3 (1 point) The fact that the market labor supply curve is upward sloping at all wage rates illustrates that 1. the marginal benefits of leisure decrease as wages increase. 2. all people supply more labor as the wage rate increases. 3. individual labor supply curves, since they are backward bending, have nothing to do with the aggregate labor market supply. 4. the combined effect of individual labor supply curves results in a greater number of labor hours being supplied at a higher wage rate. 5. at high wages, people will decrease labor supply when wages rise
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further, and as a result make aggregate labor supply decrease. Question 4 (1 point) In the figure above, assume the labor market is at equilibrium with 30 workers and a wage rate of $5 per day. Then the government imposes a minimum wage of $10 per day. Which of the following is true? 1. Labor demand will decrease. 2. The economy will remain in equilibrium.
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USU-Intro To MacroEcon - Assignment 13 - Assignment 13...

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