The graph needs to be completed as well.
(Laura or Robert).has an absolute advantage in the production.and (Laura, Robert)
Roberts opportunity cost (5 tons of alfalfa, 2 tons of alfalfa, 4 tons of alfalfa, 3 tons of alfalfa) .cost of pro
How Long are the Unemployed Without Work?
Even though most spells of unemployment are short, most unemployment observed at any given
time is long-term. In other words, most people who become unemployed will soon find jobs. Yet
most of the economys unemplo
Quick Quiz: Classify each of the following individuals in one of the following categories:
employed, unemployed, or not in the labor force.
Steve worked forty hours last week in a Music Supply store.
Last week, Elizabeth worked 10
The LabaFMarket Demographic Group Rate Participation Rate
Experiences of Various Adults of Prime Working Age (ages 2554)
Demographlc Groups White, male 62 % 90.0 %
This table shows the White, female 6.4 74.7
Structural Unemployment: Minimum-Wage Laws
History of Minimum wages:
Draw the supply and demand curve for the labor market in which the wage is fixed above the
equilibrium level. Show the quantity of labor supplied, the quantity demanded, and the
THE NATURAL RATE OF UNEMPLOYMENT
From this chapter, students should:
learn how unemployment is measured;
understand how minimum-wage laws can cause unemployment;
understand how bargaining between firms and unions can lead to higher
Earnings, Race & Sex
Table 5-2: Median weekly earnings of full-time workers by, age 16 or over, by race, Hispanic
origin, and gender, 2008
Structural Unemployment: Unions and Collective Bargaining
Definition of union - a worker association that bargains with employers over wages and working
conditions. In the 1940s and 1950s, when unions were at their peak, about a third of the U.S.
Why Is There Unemployment?
Reality is that unemployment never falls to zero in the long-run; there is always some
unemployment natural to the economy.
Four reasons for the natural rate of unemployment:
These reasons for the natural rate of une
Policy Disputes Using the Self-Correcting Aggregate Demand
1. Classical theory advocates _ policy and Keynesian theory advocates
a. nonintervention; intervention.
b. active; nonstabilization.
c. fixed wages; flexible wages