Name and discuss three factors that move the labor supply curve to the right.
What will be an ideal response?
Answers will vary. Factors that move the labor supply curve to the right are those
that increase the labor supply. For example, an influx of immigrants seeking work
increases the labor supply. Other factors include individuals who are willing to work
more hours at a given wage, those who are reentering the workforce after childrearing,
or individuals who have lost nonwage income (parental support, for example) and seek
to replace the income through work. In addition, amenities such as a good location,
generous fringe benefits, and workplace perks like flexible workspaces and start times
all contribute to an increase in the quantity supplied of labor.
You might also like to view...
Suppose the California Nurses Union successfully secured a 12 percent increase in the wages of registered nurses
If a hospital responds by reducing the quantity of registered nurses hired and increasing the quantity of physician's assistants hired, what conclusion can you draw? A) The price elasticity of demand for registered nurses is negative while the price elasticity of demand for physician's assistants is positive. B) The cross-price elasticity of demand between registered nurses and physician's assistants is negative. C) Physician's assistants are more valuable in terms of their productivity. D) The cross-price elasticity of demand between registered nurses and physician's assistants is positive.
Which of the following would increase the old-age dependency ratio over the next 25 years?
A. Medical advances that extend the lives of people over the age of 50 B. An increase in the number of young immigrants C. An increase in the birthrate D. A reduction in Social Security taxes
People do NOT usually behave in a noncooperative fashion even when it is in their immediate interest to do so because
A. they know they will have repeated dealings with the other people. B. they understand the difficulties with game theory. C. they know there can be 2 winners. D. they realize such behavior is immoral.
Refer to the information below. The explicit costs of Harvey's firm in the first year were:
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. A. $150,000 B. $605,000 C. $655,000 D. $825,000