01 Feb Many economists believe

KNOWLEDGE CHECK 5

Question 1

Since Baltimore passed the first _______________ in 1994, several dozen cities enacted similar laws in the late 1990s and into the 2000s.

Question 2

As the __________ substitute for low-skill labor becomes available, the demand curve for low-skill labor will shift to the left.

Question 3

Improvements in the productivity of labor will tend to:

Question 4

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:

Question 5

If the demand for software engineers __________ slower than does supply, then wages of software engineers will __________.

Question 6

When consumers and businesses have greater confidence that they will be able to repay in the future, _______________________.

Question 7

Many economists believe that the trend toward greater wage inequality across the U.S. economy was primarily caused by _____________.

Question 8

In contrast to goods and services markets, _____________ are rare in labor markets, because rules that prevent people from earning income are not politically popular.

Question 9

The “law of supply” functions in labor markets; that is, a higher __________ for labor leads to a higher quantity of labor supplied.

Question 10

Are markets always in equilibrium?