Instruction

Complete the questions below, answering all questions. Submit the assignment through BB if not possible please submit it through course message in one Word document. Assignments not completed in Word when sending it through course message will not be accepted. Please insert your graph into the Word document, rather than sending it as a separate file.

Answer the following questions: 4X5=20

1. Define Scarcity and Opportunity Cost with examples?
2. What do you understand by optimal decision making in Labour economics?
3. What are the forces that determine the labour market outcomes and describe them in your own words?
4. Elaborate with example what do you understand by Command economy, Free economy and Mixed economy?

Calculation and Diagram: (2x 10=20)

1. Table 1. Wage, Quantity Demanded, and Supplied in Amazon Warehouse

Wages Per Hour	Quantity demanded	Quantity supplied
$15.00	800	500
$16.00	700	550
$17.00	600	600
$18.00	500	640
$19.00	400	680
$20.00	300	700
$22.00	200	720

Elaborate the table and from the above table show in a diagram

1. Demand curve
2. Supply curve
3. Equilibrium
4. Demand and supply Surplus
5. Demand and supply Shortage

2. In the circular flow model show the flows that correspond to the following activities

1. Susan earns $ 15.7 as a tour guide in Lion Safari in Ontario
2. Dan pays $ 2500 for a car dealer
3. Julia spend $ 39 on the meal at the road side fast food restaurant
4. Patrick earn $ 3500 in dividends from the share of Canadian companies
5. Patrick pays $35 to the Canadian Government as a tax

Multiple Choice questions: (5X2=10)

1. In Downtown Toronto, there are many restaurants that hire support staff, lots of people who want to work as waiters, and the restaurants do not expect prospective waiters to have much experience and education. Which of the following BEST describes the equilibrium point for labor with regard to waiters?

1. High quantity, low price
2. High quantity, high price
3. Low quantity, high price
4. Low quantity, low price

2. In the Calgary, there are very few job openings for Heart Surgeon specialist Doctor, and all of these openings require a long list of qualifications, experiences. Where would you expect the equilibrium point to be?

1. High price, low quantity
2. High price, high quantity
3. Low price, high quantity
4. Low price, low quantity

3. Based on salary, which role LIKELY represents the lowest supply of able workers?

a. Factory worker

b. Chief executive officer

c. Law enforcement officer

d. Chef

4. Which of the following is the BEST explanation of a labor market?

a. A place where people find jobs

b. A place where employers find workers

c. A market where people offer labour in exchange for compensation and employers seek to purchase labour in exchange for compensation

d. A job interview

5. If everything else remains the same, what happens to the price of labor if the supply of labor goes down?

1. Nothing.
2. The price of labor goes up.
3. The price of labor goes down.
4. The price of labor creates a monopsony.