Describe the trends and fluctuations in the U.S. employment-to-population ratio and labor force participation rate from 1980 to 2014
What will be an ideal response?
The labor force participation rate and the employment-to-population ratio had an upward trend from 1980 until about 2000 after which they turned downward. Both show fluctuations around these trends, especially the employment-to-population ratio which rises during expansions and falls during recessions but its fall between 2008 and 2010 was particularly severe. The labor force participation rate also fell between 2008 and 2010 but the fall was not as dramatic. Recently the labor force participation rate has been near 63 percent and the employment-to-population ratio has been near 59 percent.
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Let C = 80 + 0.6y and I = 40. The value of the MPS is
A) 0.24. B) 0.4. C) 0.48. D) 0.6.
If the costs of production increase, there is
A) a decrease in aggregate supply and the AS curve shifts rightward. B) a decrease in the quantity of real GDP supplied and a movement down along the AS curve. C) a decrease in aggregate supply and the AS curve shifts leftward. D) an increase in the quantity of real GDP supplied and a movement up along the AS curve. E) an increase in aggregate supply and the AS curve shifts rightward.
Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $20, what is Giuseppe's profit-maximizing output?
A) 2 pizzas per hour B) 3 pizzas per hour C) 4 pizzas per hour D) 0 pizzas per hour
In the above figure, if the price of pizza falls, the budget line
A) rotates outward and becomes steeper. B) shifts leftward and its slope does not change. C) shifts rightward and its slope does not change. D) rotates inward and becomes flatter.