Chapter 32 - The Labor Market and the Distribution of Income

F

________** eatherbedding** is the work rules that increase the amount of labor required to produce a given quantity of output; may actually decrease the demand for labor.

minimum wage

The ________ decreases the quantity of labor restaurants use by 1, 000 hours per day.

Poverty rates

________ are lower for more- educated workers.

US government

The ________ defines a poor household as one with a total income less than the amount required to satisfy the "minimum needs "of the household.

supply curve

A** market ________ for labor** is a curve showing the relationship between the wage and the quantity of labor supplied.

reduction rate

The** benefit ________** is when a recipient earns market income, the welfare payment decreases by a rate that varies from state to state.

substitution effect

A** ________ for leisure demand** is the change in leisure time resulting from a change in the wage (the price for leisure) relative to the price of other goods.

MRP

An increase in the price of the output will increase the ________ of workers, shifting the entire demand curve for labor to the right:

output effect

The** ________** is the change in the quantity of labor demanded resulting from a change in the quantity of output produced.

Government policies

________ affect the distribution of income through taxes and transfer policies.

labor union

A** ________** is a group of workers organized to increase job security, improve working conditions, and increase wages and fringe benefits.

poverty rate

The ________ is relatively low for the aged and relatively high for children.