What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.

What will be an ideal response?


The most important change is the increasing participation of women, who composed 30 percent of the labor force in 1960 but now account for more than half. This has led to discussions of wage discrimination against women and questions of parental leave. A second trend is a declining percentage of teenagers in the labor force, after peaking in the early 1970s. Teenagers typically hold entry-level jobs, suggesting why these jobs must be increasingly filled by other segments of the labor force (e.g., McDonalds may be hiring the elderly not just for public relations but due to the unavailability of youthful workers).In 2016, just around 71 percent of American workers were employed in service-related industries, whereas only about 14 percent produced goods. Service workers included about 22.6 million in educational and health services, about 20 million in business and professional services, and over 15 million in retail trade. Manufacturing companies in the United States employed only 12 million people, and almost a third of those worked in offices rather than in the factory.

Economics

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Recent tests suggest that the Leontief Paradox has been completely resolved

Indicate whether the statement is true or false

Economics

Give a brief overview of how education attainment and elementary and secondary education spending has changed in the United States since 1940

What will be an ideal response?

Economics

Suppose the price elasticity of demand for Good A is 2.4 and the price elasticity of demand for Good B is 1.2. Which of the following statements is consistent with these values?

A. Good A is a luxury and Good B is a necessity. B. Good A is a good several days after a price increase while Good B is that same good several years after the price increase. C. Good A is ice cream and Good B is mint chocolate chip ice cream. D. Good A is salt and Good B is college tuition.

Economics

Sulfur Dioxide Discharged (Tons)Firm AFirm B10$8,000$9,000910,00012,000815,00018,000720,00027,000628,00037,000Table 16.3Table 16.3 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If Firm B would like to purchase one permit to be able to discharge nine tons of sulfur dioxide, what is Firm B's willingness to pay?

A. $2,000 B. $5,000 C. $6,000 D. $9,000

Economics