Since 1948, the labor force participation rate for adult men has ________ and for adult women has ________
A) increased; increased
B) increased; decreased
C) decreased; increased
D) decreased; decreased
Answer: C
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Which of the following would shift the saving schedule upward?
A. Consumer expectations of rising prices of products. B. Increased optimism about future incomes. C. A decrease in real interest rates. D. A decrease in wealth.
Refer to Scenario 7.3. Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much labor will be hired to minimize the costs of producing 200 units of output?
A) 25 B) 50 C) 100 D) 200 E) none of the above
Since a tax imposed on buyers of a product only affects demand, such a tax has no impact on sellers in that market
a. True b. False Indicate whether the statement is true or false
The morel is a prized mushroom that is often abundant in the Western United States in years after forest fires. Suppose two companies are buying morels from workers willing to find them. One company offers to pay workers $5.00 per pound, and the other company will pay workers only $4.00 per pound. Economists would say that:
A. the higher-paying company will attract the more creative and innovative pickers and the lower-paying company will attract the others. B. the lower-paying company will attract the more creative and innovative pickers and the higher-paying company will attract the others. C. the company willing to pay only $4.00 has a comparative advantage in selling morels. D. this situation violates the law of one price and is not likely to persist.