04 Jun Question Please write concise but comprehe
Question
Please write concise but comprehensive responses for each of the following. Discuss each concept separately and indicate relationships among concepts. Include discussion of indicated readings (with references (e. g. U. pp 64-65)) as well as class notes.
I. For the Market for Labordefine
A. demand (D) for labor
B. supply (S) of labor,
C. explain why
1. the slope of the labor D curve is negative and
2. the slope of labor supply curve is positive,
D. explain the backward-bending portion of the labor supply curve U 61-62
E. list 4 determinants of shifts in labor
1.D curves and
2. S curves,
F. discuss impacts on We and Qe in the U.S. labor market of
1. significant expansion of the U.S. housing market (include diagram)
2. significant decreases in federal government expenditures(include diagram),
G. explain wage elasticity of demand for labor (Ed),
H. discuss Ed and unemployment effects of a minimum wage increase when
1. D is elastic(include diagram)
2. D is inelastic(include diagram),
I. explain the relationship between Ed & the substitution of capital for labor
SOURCES: U 58-62; PowerPoint outline: “Demand and Supply Basics”; Notes: 1/8-22/15
II. Explain alternative political economic perspectives of government and markets in a market economy including:
A. List and explain conservative economists’
1. reasons for optimistic expectations about market outcomes (including but not limited to the “invisible hand”) and
2. reasons for pessimistic expectations about government involvement in a market economy (including but not limited to the concept of “laissez-faire”).
B. List and explain liberal economists’
1. reasons forcritical views of some market outcomes (including the concept of market imperfections) and
2. reasons foroptimism about government involvementin a market economy includingbut not limited to the concepts of
a.support for equality of opportunity (U 49-50)
b. opposition to equality of outcomes.(U 49-50)
C. Explain left (radical) economists’ views of
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