PLEASE HELP ME WITH THESE!!!!!!!!
1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product?
A) the demand for labor and the number of workers hired both increase
B) the supply of labor and the numbers of workers hired both increase
C) the demand for labor and the number of workers hired both decrease
D) the supply of labor and the number of workers hired both decrease
2)A decrease in the supply curve for nurses could be accounted for by all of the following except a(n):
A) Increase in the rewards available in other comparable occupations
B) Increase in the training required for nurses
C) Reduction in the number of nursing schools
D) Cut in the wages of nurses
3)Trends in employment patterns over the last century indicate
A) a need for more farmers.
B) fewer women will be entering the work force.
C) an increase in the percentage of service jobs.
D) an increase in the percentage of manufacturing jobs.
4)Which of the following helps to determine the wage rate a worker earns?
A) How much education the worker has
B) The location of the job
C) The demand for the product
D) All of the above
I'll be glad to check your answers.
4)Which of the following helps to determine the wage rate a worker earns?
A) How much education the worker has
B) The location of the job
C) The demand for the product
D) All of the above
1) If the price of a product produced in a competitive market increases, the most likely outcome in the labor market for workers who produce the product is:
A) the demand for labor and the number of workers hired both increase.
2) A decrease in the supply curve for nurses could be accounted for by all of the following factors except:
D) Cut in the wages of nurses.
3) Trends in employment patterns over the last century indicate:
C) an increase in the percentage of service jobs.
4) The following factors help determine the wage rate a worker earns:
D) All of the above. This includes factors such as how much education the worker has, the location of the job, and the demand for the product.
1) To answer this question, we need to consider how changes in price affect the labor market. In a competitive market, an increase in the price of a product would likely result in an increase in the demand for labor and the number of workers hired. This is because higher prices indicate increased demand for the product, which in turn would lead firms to expand production and hire more workers to meet the demand. Therefore, the correct answer is A) the demand for labor and the number of workers hired both increase.
2) This question asks us to identify an exception to a decrease in the supply curve for nurses. When the supply curve for nurses decreases, it means there are fewer nurses available in the market. This decrease in supply could be caused by various factors. Among the options given, an increase in the rewards available in other comparable occupations, an increase in the training required for nurses, and a reduction in the number of nursing schools could all lead to a decrease in the supply of nurses. However, a cut in the wages of nurses would not directly lead to a decrease in the supply of nurses. In fact, it could potentially attract more individuals to enter the nursing profession. Therefore, the correct answer is D) Cut in the wages of nurses.
3) Trends in employment patterns over the last century have shown certain changes. Option A) suggests a need for more farmers, but this is not supported by the overall trend, as industrialization and technological advancements have reduced the demand for agricultural workers. Option B) implies that fewer women will be entering the workforce, which is not consistent with the increasing participation of women in the labor market. Option D) suggests an increase in the percentage of manufacturing jobs, which is also not supported by the overall trend due to automation and offshoring. However, Option C) indicates an increase in the percentage of service jobs, which aligns with the trend of service-oriented economies that have developed in many countries. Therefore, the correct answer is C) an increase in the percentage of service jobs.
4) The wage rate a worker earns is influenced by multiple factors. Among the options given, all of them play a role in determining the wage rate. A) How much education the worker has affects their qualifications and skills, which can impact the wage rate. B) The location of the job can also impact wages due to variations in the cost of living and local labor market conditions. C) The demand for the product affects how much revenue a firm generates, which can then influence the wages they are willing to pay. Therefore, the correct answer is D) All of the above.