1.\"In partial equilibrium we analyse the single market, while in general equilibrium we analyze all markets together including factor markets. Labor market as one of the factor market will be aected and will be aeeting all other markets.\" i) Given the statement above, discuss the occurence of ination followed by the taste shock on the labor supply (i.e. labor prefers more laziness)? (5 Marks) ii) Discuss the consequences you referred above by emphasizing the short-run consequences versus longrun consequences ? (5 Marks) iii) Given the fact that the globalization level of the country affects its adaptation to shocks on the labor market, how your answer to a) and b) would change if the country is globalized versus closed-economy ? (5 Marks) 2. \"Most of the countries in the world have introduced or strengthened minimum wage systems since l990s." Please select two countries and discuss the historical background of minimum wage policies adapted in those countries. Moreover, discuss the benefits and harms of those minimum wage policies on the society and on the economy