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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 4
Suppose a law is passed forcing everyone to work until age 75.
a) In July 2008 the labor force participation rate of people aged 65-69 was 29 percent. After the law is passed, will the labor force participation rate of the elderly go up or down?
b) What will be the impact of the new law on the labor supply curve? Illustrate your answer using a supply-demand diagram.
c) What will be the impact of the new law on wages?
a) In July 2008 the labor force participation rate of people aged 65-69 was 29 percent. After the law is passed, will the labor force participation rate of the elderly go up or down?
b) What will be the impact of the new law on the labor supply curve? Illustrate your answer using a supply-demand diagram.
c) What will be the impact of the new law on wages?
Explanation
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a)Labor forced participation rate is the...
Economics: The Basics 1st Edition by Mike Mandel
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