Factors increasing the U.S. labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include ________ and ________.
A. technological progress; diminishing returns to labor
B. skill-biased technological change; globalization
C. increased labor force participation by women; the coming-of-age of the baby-boom generation
D. increasing wage inequality; globalization
Answer: C
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A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________
a. normal; elastic b. normal; inelastic c. normal; unit elastic d. inferior; elastic e. inferior; inelastic
The portion of the GDP that takes the form of consumer goods and services is approximately
a. one-fourth. b. one-third. c. one-half. d. seven-tenths.
Which of the following is an example of a good with a highly elastic supply curve?
a. luxury goods b. tropical vacations c. pizza d. sports vehicles
All of the following are part of the "regulation of health insurance" provision of the Patient Protection and Affordable Care Act (ACA) except
A) individuals with pre-existing medical conditions are able to acquire health insurance. B) all policies must provide coverage for dependant children up to age 26. C) lifetime dollar maximums on coverage are prohibited. D) limits on the size of deductibles and on waiting periods before coverage takes effect have been eliminated.