Why didn't the pre-pandemic low unemployment rate result in higher wages? In 200 words

Why didn't the pre-pandemic low unemployment rate result in higher wages?

In 200 words

Expert Solution

Rahul Sunny answered 2 years ago

QUESTION 25 The payment of efficiency wages may result in higher rates of unemployment because firms...

QUESTION 25 The payment of efficiency wages may result in higher rates of unemployment because firms will lay off workers once productivity increases. quit rates tend to be higher at firms paying efficiency wages since workers must work harder than at other firms. employees at low-wage firms may decide that expected earnings can be increased by searching for employment among employers paying efficiency wages. firms that pay efficiency wages work their existing workers longer hours. 2 points QUESTION 26...

hi there! I wanted to ask why does low unemployment cause nominal wages to rise and...

hi there! I wanted to ask why does low unemployment cause nominal wages to rise and vice versa? thank you!

Study 1: Unemployment Rates in Areas Where Minimum Wages Are Higher in the Cities Than in...

Study 1: Unemployment Rates in Areas Where Minimum Wages Are Higher in the Cities Than in Surrounding Suburbs City Unemployment Rates Suburb Unemployment Rates P1 P 1 = 0.069 P2 P 2 = 0.062 N1 N 1 = 52 cities N2 N 2 = 56 suburbs The Z(obtained) test statistic is 1.99. Using a significance level of .05, the Z(critical) is +1.645. Which of the following is the appropriate conclusion to your hypothesis test? The difference between the unemployment rates...

the higher the anticipated inflation rate, ... a. the more workers will ask for in wages...

the higher the anticipated inflation rate, ... a. the more workers will ask for in wages and the more firms will agree to pay b.the more workers will ask for in wages and the less firms will agree to pay c. the less workers will ask for in wages and the less firms will agree to pay d. the higher the real wage increases offered by firm e. the higher the real wage increases asked for by workers

Briefly explain why the unemployment rate is, on average, higher in many other developed countries than...

Briefly explain why the unemployment rate is, on average, higher in many other developed countries than the United States and given examples of such higher averages. In your explanation, touch on at least 2 labor market factors.

workers with higher levels of education tend to earn higher wages. given the individual’s discount rate,...

workers with higher levels of education tend to earn higher wages. given the individual’s discount rate, the present value of the benefits of the investment are greater than or equal to the present value of the costs of the investment. The internal rate of return associated with the investment is positive. All of these. QUESTION 32 Holding all else constant, workers in industries that pay higher wages have lower quit rates. This finding is consistent with the view that quits...

When the economy experiences a decline (lower GDP, meaning a recession), the result is higher unemployment...

When the economy experiences a decline (lower GDP, meaning a recession), the result is higher unemployment rates. So, one of the policies that the government can use to increase GDP, which lowers Unemployment Rate is to lower interest rate. Now, how does a lower interest rate lead to higher GDP and lower unemployment? explain the process.

The unemployment rate of persons with a disability is typically higher than for those with no...

The unemployment rate of persons with a disability is typically higher than for those with no disability. Recent statistics report that this rate is 13.4%. An advocacy group in a large city located in the southeastern region of the U.S. selected a random sample of 250 persons with a disability. What is the probability that no more than 25 persons in this sample are unemployed? (Round to four decimal places.)

Briefly provide your understanding of the relationship between economic growth (GDP growth), high/low unemployment, high/low wages,...

Briefly provide your understanding of the relationship between economic growth (GDP growth), high/low unemployment, high/low wages, and the way they impact one another.

According to efficiency wage theory, higher wages paid by firms DO NOT lead to 1)structural unemployment...

According to efficiency wage theory, higher wages paid by firms DO NOT lead to 1)structural unemployment 2)wages above their equilibrium 3)lower firm profits 4)increased worker productivity

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