Multiple Choice
Suppose the marginal product of labor is MPN = 200 - 0.5N
Where N is aggregate employment.The aggregate quantity of labor supplied is 100 + 4w,where w is the real wage.The government imposes a minimum wage of 60.How much unemployment will this create among unskilled labor?
A) 0
B) 60
C) 80
D) 100
Correct Answer:
Verified
Correct Answer:
Verified
Q78: The real wage<br>A)is the nominal wage divided
Q79: In the production function Y = AF(K,N),A
Q80: An adverse supply shock,such as a reduced
Q81: The two main characteristics of the production
Q82: A permanent increase in the real wage
Q84: A person is more likely to increase
Q85: What is the participation rate if there
Q86: According to Okun's law,if output grew 7%
Q87: The aggregate supply of labor is the<br>A)total
Q88: Suppose the economy's production function is Y