Explain How Each of the Following Events Affects the Equilibrium

question 52

Essay

Explain how each of the following events affects the equilibrium wage and the equilibrium quantity of labor (assume all else is constant with each event). Be sure to explain whether demand for or supply of labor has changed.
(1) The price of output a firm produces rises.
(2) A leisure-hour provides greater marginal benefit.
(3) The marginal tax rate rises.
(4) New immigration laws restrict the hiring of illegal workers.
(5) A reduction in welfare benefits.
(6) The cost of machines falls (labor and machines are substitutes).
(7) Technology makes labor more productive.
(8) The price of the product a firm produced falls.

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Definitions:

Current Account Deficit

A measurement of a country's trade where the value of the goods and services it imports exceeds the value of the products it exports.

U.S. Dollars

The official currency of the United States, widely used as a benchmark and reserve currency globally.

Trade Deficit

Occurs when a country's imports exceed its exports during a specific period, indicating a negative balance of trade.

Billion

A numerical value representing one thousand million (1,000,000,000).