The single most important phenomenon in the U.S. labor market in the second half of the twentieth century was
A. the elimination of the glass ceiling.
B. the drastic reduction in the labor force participation rate of males.
C. the drastic increase in the labor force participation rate of females.
D. the increase in the average number of hours worked each week.
E. the elimination of child poverty.
Answer: C
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Societies in which _____ produce more entrepreneurs
a. the ratio of immigrants to the local population is high b. culture supports individual achievements c. individuals are self-interested d. immigrants are allowed to hold government positions e. immigrants are more intelligent than the local population
The positive contribution of politics in the determination of economic policy is that it takes market failures and failures of market outcome into account in formulating policy.
Answer the following statement true (T) or false (F)
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
A. monopoly. B. cartel. C. a monopolistically competitive industry. D. price-leadership industry.
In the long run, what level of economic profits can a monopolistic competitor expect to receive?
A. positive B. negative C. zero D. either negative or positive, depending on the demand for its product and its costs