The Wall Street Journal Wednesday January 16, 2013 The Wages of Unemployment By Richard Vedder Labor- force participation has declined since 2000 ,…
September 3, 2020
Unemployed workers who last searched for jobs less than 2 weeks ago m Unemployed workers who last searched for jobs between 3 and 4 weeks ago “…Question 31 Which of the following is the best measure of a country’s standard of living?
September 3, 2020

Could you explain the attached question giving detailed explanation as to why each answer is incorrect

Unemployed workers who last searched for jobs less than 2 weeks ago mUnemployed workers who last searched for jobs between 3 and 4 weeks ago “Unemployed workers who last searched for jobs between 5 and IS weeks ago m Workers who are on a temporary layoff waiting to be recalled, not searchingfor jobs Labor Force Partieilation Rate Tab le-S 1. Table-5: The economy in a country is characterized by the table above.Notice that there is equilibrium unemployment, and assume that this iscaused by a minimum wage. Everyone in the economy is paid the samewage. What is the minimum wage in this economy? A $6.01}! hr. e $3.31Ihr. c £3.6llfhr.W 2. Table-5: What is one set of possible supply and demand curves thatwould generate the unemployment and employment in this economy? A w; 3000 – 350w, La= 150w e m= 2mm – 41.5w, Ls= 300w – 20c La=1ouo – 53.33w, Ls= lflflw + so o None ofthe above.

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