From 1950 until 2000, the labor force participation rate has
A. Increased for men and decreased for women.
B. Decreased for men and increased for women.
C. Increased for men and increased for women.
D. Decreased for men and decreased for women.
Answer: B
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For each of the following statements, define all of the underlined terms. Then, explain why the statement is true or false
a. If a consumer views two goods as perfect substitutes then their optimal choice will be a corner solution. b. The substitution effect from a price increase states that the consumer will always choose a smaller amount of that good to consume. However, the income effect states that consumption can move in either direction. c. Suppose Alf and Bo have convex indifference curves. Alf likes units of "X" more than units of "Y" but Bo likes units of "Y" much more than units of "X." Then, in the optimum, Alf's marginal rate of substitution will be different from Bo's even if they face the same prices. d. All Giffen goods are normal goods, but not all normal goods are Giffen goods. e. Economists assume that preferences are ordinal. This implies that given two utility functions and one is a monotonic transformation of the other, then they represent the same preferences over bundles of goods.
The Employment Act of 1946 reflects which one of the following functions of government?
A) providing a legal system B) improving economy-wide stabilization C) correcting externalities D) providing public goods
Although growth rates across countries vary some, rankings of countries by income remain pretty much the same over time
a. True b. False Indicate whether the statement is true or false
Which of the following statements about quotas is true?
A. Quotas provide some revenue to the government imposing them, while tariffs merely increase the wellbeing of foreign consumers. B. Quotas make consumers better off by ensuring that domestically manufactured products are of as high quality as possible. C. Quotas increase the quantity supplied by encouraging more domestic production. D. Quotas increase the price above the market equilibrium.