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Question: directions give your letter choice to each question and show...

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Directions: Give your letter choice to each question and show all of your work (use a graph, explain and interpret the graph, show calculations, explain your reasoning as necessary)

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5L, then which 2. If the Labor Supply Curve for a certain labor market is given by the equation W-5+0 e following statement is correct? a. If the wage increases from $7 to $9, there will be no increase in the number of laborers willing to work in this labor market. b. If the wage is $12, then 15 laborers will be willing to work in this labor market. c. The lowest wage acceptable to the 10h worker in this labor market is $9. d. The lowest wage acceptable to the 8h worker in this labor market is $9. e. If the wage is $10, then 15 laborers will be willing to work in this labor market.
8. Suppose that in a competitive output market, firms hire labor from a competitive labor market (so that rofit maximization conditions for hiring labor are as we discussed in class). If the demand for the product these firms sell increases, so that the market price of this product increases, we would expect a. a decrease in equilibrium wage we, and no change in equilibrium quantity of labor, L b. a decrease in we, and an increase L c. an increase in we , and a decrease L. d. a decrease in we, and a decrease L. e. an increase in, we, and an increase in L
2)If the actual rate of unemployment were 5.9%, while the natural rate of unemployment were 50%, what uld the cyclical rate of unemployment be? a. 10.9% b.-0.9% c. 5.45% d.-5.4% e. 0.9%
7. Cpnsider the Efficiency Wage story. Suppose we had several periods of O inflation. Then if we had an increase in Aggregate Demand that caused an increase in the Aggregate Price level, we would see which of e following in the short run? a. higher inflation and higher unemployment. b. lower inflation (which would be deflation given our premise) and higher unemployment c. higher inflation and lower unemployment. d. lower inflation (which would be deflation given our premise) and lower unemployment. e. none of the above
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