Econ 2 test 3
approximately how many immigrants and unauthorized immigrants come to this country annually?
1,000,000 250,000
approximately how many illegal immigrants are currently living in the U.S.?
11.1 million
what country are the largest number of legal immigrants every year?
Mexico
what is an example of a private good?
a new car, movie theater (people who did not pay can not enter or have it)
what may cause a rightward shift in the labor demand curve?
as demand of labor increases, wages increase too
what do property rights refer to and how can it help to eliminate negative externalities?
associated privileges with being a property owner that can be effected by pollution
what is the difference between craft and industrial unions?
craft unions are for trades and industrial entire operation is part of the union
what does derived demand refer to?
demand derived from whatever good or service that the resource helps to produce ex: holidays, the higher demand for product the more labor we need
where does the demand for labor come from?
derived from product demand ex: entertainers have very high salaries because they are what we demand the most
what are some examples of positive externalities?
education
How does the government encourage the production of public goods and services with sizable positive externalities?
government subsidies
how does improvements in the productivity of labor affect wages?
increase wages
how do unions increase the demand for union workers?
increasing demand or reducing the supply of union labor
why is labor resource pricing important?
input price for product; primary element to money income
what is interest?
interest is the price we pay for the use of someone's else's money
What is collective bargaining?
is used by unions in order to improve working conditions and increase union wages
what does the crowding model of discrimination suggest?
less people in the occupation = higher wages more people = higher wages
what % of work force is unionized?
less than 12% (11.3%)
how do you determine the optimum quantity of a public good?
marginal benefit = marginal cost
what is the relationship between wage inequality and new technologies?
new technologies replace low skilled workers keeping the wages low
what are the main characteristics of public goods?
non-rivalrous and non-excludable (not competing and everyone can) example: TCC everyone can walk in the halls but not everyone can go to classes
what does free rider refer to?
people who benefit from a public good but do not contribute to it (example: the class is having a Christmas party some people bought food but other didn't but they still ate)
what are the top fastest growing occupations in the U.S.?
personal care aides, home health aides, biomedical engineers, masonry helpers, carpentry helpers, veterinarian technologists and technicians, iron and rebar workers, physical therapists assistants, piping and plumbing helpers, meeting, convention, and planners
what are some examples of negative externalities?
pollution (water, air, noise, land (litter))
what is the case against the minimum wage?
reduced employment/ causes unemployment ex: 10% increase in age will cause a 3% decline in employment
what is less formal term for describing an externality?
spillover cost and spillover benefits
how supply of workers affect real wages?
supply increases = pay decreases, supply decreases = pay increases
why are externalities considered market failures?
the right amount of the product has failed to have been produced, resulting in wither a surplus or a shortage; resources may be over-allocated and under-allocated
what is a negative externality?
when the negative cost outweighs the benefits to society as a whole example: pollution
how is the equilibrium interest rate determined?
where supply meets demand
what is an example of a public good?
yellow bikes of San Francisco, NPR Radio, fire department, park, radio stations
do the laws of supply and demand work in the labor and financial market?
yes; supply offer a job and demand employers wanting us to work for them
