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Chapter 4: Q13 (page 104)
What is the 鈥減rice鈥� commonly called in the labor
market?
Price in Labor Market is 'Wages or Salaries' paid by firms & received by workers.
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Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. (Some choices can be on both sides of the goods market.)
a. Households in the labor market
b. Firms in the goods market
c. Firms in the financial market
d. Households in the goods market
e. Firms in the labor market
f. Households in the financial market
Select the correct answer. A price floor will usually shift:
a. demand
b. supply
c. both
d. neither
Illustrate your answer with a diagram.
Name some factors that can cause a shift in the
supply curve in labor markets.
Select the correct answer. A price ceiling will usually shift:
a. demand
b. supply
c. both
d. neither
Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers.
a. The number of people at the most common ages for home-buying increases.
b. People gain confidence that the economy is growing and that their jobs are secure.
c. Banks that have made home loans find that a larger number of people than they expected are not repaying those loans.
d. Because of a threat of a war, people become uncertain about their economic future.
e. The overall level of saving in the economy diminishes.
f. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.
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