Answer to Question #178648 in Microeconomics for James Erengwa

Question

QUESTION 1

As the baby boomer population grows older:

1. They may require hospitalization, long-term, or at-home nursing care.
2. They will not require hospitalization.
3. They will all receive long-term nursing care.
4. They will all receive at-home nursing care.
5. All of the above. 

QUESTION 2

Registered nursing jobs are expected to:

1. Decrease in the near future.
2. Increase in the near future.
3. Push down nursing wages in the near future.
4. All of the above.
5. None of the above.

QUESTION 3

Our study of demand and supply will help us to analyze what might happen:

1. Only in the labor market for nursing.
2. Only in the labor market for other healthcare professionals.
3. In the labor market for nursing and other healthcare professionals.
4. Only in the market for auto mechanics.
5. Only in the market for morons.

QUESTION 4

These apply to any market, even for markets for things that we may not think of as goods and services.

1. The theory of minimum wage.
2. The theory of price ceilings.
3. The theory of price floors.
4. The theories of demand and supply.
5. All of the above.

Answer 1

Solution:

QUESTION 1: The correct answer is 1 – They may require hospitalization, long-term, or at-home nursing care.

As the baby boomer population grows older, they may require hospitalization, long-term, or at-home nursing care.

 

QUESTION 2: The correct answer 2 – To increase in the near future.

Registered nursing jobs are expected to increase in the near future

 

QUESTION 3: The correct answer 3 – In the labor market for nursing and other healthcare professionals.

Our study of demand and supply will help us to analyze what might happen in the labor market for nursing and other healthcare professionals.

 

QUESTION 4: The correct answer 1 – The theory of minimum wage.

The theory of minimum wage applies to any market, even for markets for things that we may not think of as goods and services.