economics and sociology Archives

What effect would this increase in the minimum wage have on unemployment? Does the change in unemployment depend on the elasticity of demand, the elasticity of supply, both elasticities, or neither?

Posted on September 29, 2022 by Assessments

Read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law. Questions: 1 Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply and-demand diagram […]

Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?

Posted on September 25, 2022 by Assessments

Please read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law. Questions: 1 Important Note: – Support your submission with course material concepts, principles, and theories from the textbook. Questions: 2 Should […]

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Tag: economics and sociology

What effect would this increase in the minimum wage have on unemployment? Does the change in unemployment depend on the elasticity of demand, the elasticity of supply, both elasticities, or neither?

Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?