How will each of the following scenarios impact the market for labor. 1. Worldwide demand for export
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Question:
How will each of the following scenarios impact the market for labor.
1. Worldwide demand for export surges : what is the impact on supply of labor, impact on demand for labor, impact on wage rate and impact on employment level.
2. A technological change occurs that increases productivity of all workers: what is the impact on supply of labor, impact on demand for labor, impact on wage rate and impact on employment level.
3. Workers become more concerned about the future and therefore wish to increase their hours of work. At the same time, there is an increase in the capital stock, which makes workers more productive: what is the impact on supply of labor, impact on demand for labor, impact on wage rate and impact on employment level.
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