10 . Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool (? ) Market for Labor 24 21 Supply I Wage 3.00 ( Dollars per hour) 19 Labor Demanded 1,050 Labor Supplied 150 (Thousands of Thousands of workers) workers) 12 WAGE (Dollars per hour) Demand 0 0 150 300 450 800 750 800 1050 1200 LABOR (Thousands of workers)Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $9.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. O In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium. In this labor market, a minimum wage of $9.00 is binding. Binding minimum wages cause frictional unemployment. Grade It Now Save & Continue Continue without saving8 . Interest, inflation, and purchasing power Suppose wette is an avid reader and buys only mystery novels. Yette deposits $2,000 in a bank account that pays an annual nominal interest rate of 15%. Assume this interest rate is fixed-that is, it won't change over time. At the time of her deposit, a mystery novel is priced at $20.00. Initially, the purchasing power of Wette's $2,000 deposit is mystery novels. For each of the annual inflation rates given in the following table, first determine the new price of a mystery novel, assuming it rises at the rate of inflation. Then enter the corresponding purchasing power of Yvette's deposit after one year in the first row of the table for each inflation rate. Finally, enter the value for the real interest rate at each of the given inflation rates. Hint: Round your answers in the first row down to the nearest mystery novel. For example, if you find that the deposit will cover 20.7 mystery novels, you would round the purchasing power down to 20 mystery novels under the assumption that wette will not buy seven-tenths of a mystery novel. Annual Inflation Rate 0% 15% 18% remains the same Number of Novels Yvette Can Purchase after One Year falls Real Interest Rate % % rises When the rate of inflation is equal to the interest rate on wette's deposit, the purchasing power of her deposit over the course of the year. Grade It Now Save & Continue Continue without savingSTEP: 1 of 2 The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 150 2 100 2021 N 150 4 100 2022 N 300 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022 Grade Step 1 TOTAL SCORE: 0/4 (to complete this step and unlock the next step)