As women entered the workforce in the 1950s through the 1990s, the
A. labor for participation rate steadily rose.
B. labor for participation rate steadily fell.
C. unemployment rate steadily fell.
D. unemployment rate steadily rose.
Answer: A
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If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then profit maximization
A) is achieved when 21 units are produced. B) is achieved by setting price equal to 21. C) is achieved only by shutting down in the short run. D) cannot be determined solely from the information provided.
You have just bought a used car, and drive away satisfied that you've made a good deal on the purchase. What would an economist say about your "gain" on the deal?
a. Your gain has clearly meant that the seller lost on the deal. b. The seller has clearly gained, and you have actually lost on the deal. c. Both you and the seller have gained something. d. If your gain is too large, then the deal should be re-negotiated. e. If the seller's loss is too large, then the deal should be re-negotiated.
A physician's office expenses increase by 10 percent, so the doctor decides to raise the price of office visits. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues?
a. Office visits and total revenue rise if demand is inelastic. b. Office visits and total revenue stay the same if demand is elastic. c. Office visits will fall and total revenue will rise if demand is inelastic. d. Office visits will rise and total revenue will fall if demand is elastic. e. Office visits and total revenue fall if demand is inelastic.
The inflation-adjusted value of final goods and services produced in the United States measures:
A. Nominal GDP. B. Real GDP. C. Per capita GDP. D. GDP per worker.