Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would
A) increase the measured unemployment rate.
B) increase the measured labor force participation rate.
C) decrease the number of persons in the labor force.
D) decrease the number of persons in the working-age population.
Answer: B
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In the above figure, the curve labeled MCL is the marginal cost of labor curve and is used in a
A) competitive situation in which individual firms cannot influence the wage rate they must pay. B) competitive situation in which skill differentials create a difference between what a firm must pay labor versus the wage at which households are willing to supply labor. C) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is less than the marginal cost of labor. D) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is greater than the marginal cost of labor.
Monetary policy authorities can affect real interest rates
A) in the short run, but not in the long run. B) in the long run, but not in the short run. C) permanently. D) both in the long run and the short run.
Differences in what can explain the wage gap between U.S.-born and foreign-born workers?
(a) Culture (b) Schooling (c) Urbanization (d) All of the above
An inverse intensity customer sorting rule is one in which
a. customers with high willingness to pay secure the discounted goods b. customers are rationed randomly between the discounted and full price goods c. no customers purchase below their willingness to pay d. customers with the lowest willingness to pay secure the discounted goods e. brand loyalty allows the incumbent to retain its regular customers