UNEMPLOYMENT AND FULL EMPLOYMET

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UNEMPLOYMENT AND FULL EMPLOYMENT The world, man by himself hardly produces anything. Even the primitive man needed some elementary tools like the bow and the arrow to engage in hunting or the earning of his livelihood. With the growth of technology and specialiation, he needs much more capital with which to engage in the productive activity. All the seinstruments […]

PROBLEMS AND APPLICATIONS

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PROBLEMS AND APPLICATIONS 1. The Bureau of Labor Statistics announced that in January 2006, of all adult Americans, 141,481,000 were employed, 4,209,000 were unemployed, and 78,463,000 were not in the labor force. Use this. information to calculate: a. the adult population b. the labor force c. the labor-force participation rate d. the unemployment rate 2. Go to […]

QUESTIONS FOR REVIEW

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QUESTIONS FOR REVIEW 1. What are the three categories into which the Bureau of Labor Statistics divides everyone? How does the  compute the labor force, the unemployment rate, and the labor-force participation rate? 2. Is unemployment typically short-term or long-term? Explain. 3. Why is frictional unemployment inevitable? How might the government reduce the amount of frictional unemployment? […]

CONCLUSION

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CONCLUSION In this chapter, we discussed the measurement of unemployment and the reasons economies always experience some degree of unemployment. We have seen how job search, minimum-wage laws, unions and efficiency wages can all help explain why some workers do not have jobs. Which of these four explanations for the natural rate of unemployment are the most important […]

HENRY FORD AND THE VERY GENEROUS $S-A-DAY WAGE

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HENRY FORD AND THE VERY GENEROUS $S-A-DAY WAGE Henry Ford was an industrial visionary. As founder of the Ford Motor Company, he was responsible for introducing modem techniques of production. Rather than building cars with small teams of skilled craftsmen, Ford built cars on assembly lines in which unskilled workers were taught to perform the same simple […]

WORKER EFFORT

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WORKER EFFORT A fourth and final type of efficiency-wage theory emphasizes the link between wages and worker effort. In many jobs, workers have some discretion over how hard to work. As a result, firms monitor the efforts of their workers, and workers caught shirking their responsibilities are fired. But not all shirkers, are .caught. immediately because monitoring workers […]

WORKER QUALITY

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WORKER QUALITY A third type of efficiency-wage theory emphasizes the link between wages and worker quality. All firms want workers who are alimented, and they try to pick the best applicants to fill job openings. But because firms cannot perfectly gauge the quality of applicants, hiring has a degree of randomness to it. When a firm pays a […]

WORKER TURNOVER

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WORKER TURNOVER A second-type of efficiency-wage theory emphasizes the link between wages and worker turnover. Workers I quit jobs for many reasons: to take jobs in other firms, to move to other parts of the country, to leave the labor force, and so on. The frequency with which they quit depends on the entire set of incentives […]

WORKER HEALTH

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WORKER HEALTH The first and simplest type emphasizes the link between wages and worker health. Better paid workers eat a more nutritious diet, and workers who eat a better diet are healthier and more productive. A firm may find it more profitable to pay high wages and have healthy, productive workers than to pay lower wages and have […]

THE THEORY OF EFFICIENCY WAGES

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THE THEORY OF EFFICIENCY WAGES. A fourth reason economies always experience some unemployment-in addition to job search, minimum wage laws, and unions-is suggested by the theory of efficiency wages. According to this theory, firms operate more efficiently if wages are above the equilibrium level. Therefore, it may be profitable for firms to keep wages high even in the […]