In part, the increase in the labor force participation rate in the United States over the last 50 years can be attributed to
A) unsuccessful job seekers becoming discouraged workers.
B) technological change in the home increasing the time available for paid employment.
C) recessionary periods followed by longer expansionary periods.
D) early retirement by men in the labor force.
E) the large increase in the men's labor force participation rate overcoming the large decrease in the women's labor force participation rate.
B
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When income increases from $20,000 to $30,000 the quantity of inter-city bus trips taken per year decreases from 10 to 8. Hence
A) inter-city bus trips are a normal good. B) the income elasticity of demand for inter-city bus trips is -1.8. C) the income elasticity of demand for inter-city bus trips is -0.56. D) Both answers A and B are correct. E) Both answers A and C are correct.
A monopsony is
A) a market in which there is only one producer of a good or service. B) a market in which there is only one producer and one consumer of a good or service. C) a market in which there is only one buyer of a good or service. D) a temporary situation in labor markets when prices are adjusted through the use of collective bargaining.
Your grandfather tells you that he earned $.50 per hour at his job when he was a boy in 1929
a. Given that the CPI was 17.1 in 1929 and 184.0 in 2003, how much would you have to make in 2003 to have the same real hourly wage? b. You made $5.50 an hour working during 2003 . Were you better off than your grandfather in terms of purchasing power? Explain. c. Your grandfather also tells you that a soda cost $.05 in 1929, and you know a soda cost $.55 in 2003 . You decide to use the price of a soda as the price index. How much would the 2003 "soda equivalent" of $.50 per hour in 1929 be?
A monopolist's profit-maximizing level of output occurs where:
a. marginal revenue equals marginal cost. b. price equals marginal cost. c. average total cost is at a minimum. d. price equals average revenue.