Question1

Why must the concepts of supply and demand as they pertain to products be modified when applied to labour markets?

Question 2

Indicate whether each of the following statements pertains to microeconomics or macroeconomics;

a.The unemployment rate in the United States was 8.9 percent in 2011

b.Workers at the sleepy Eye grain elevator are paid $10 per hour

c.The productivity of American workers as a whole increased by more than 2 percent per year in the last decade.

d.The money or nominal wages of nursing aides increased by 3 percent in 2011

e.The Alpo dog food plant in Bowers, Indiana laid off 15 workers last month