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
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 (McDonalds may be hiring the elderly not just for public relations but due to the unavailability of youthful workers).
In 2013, just over 70 percent of American workers were employed in service-related industries, whereas only about 14 percent produced goods. Service workers included about 21.1 million in educational and health services, about 18.6 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.
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Suppose $1 will buy 150 yen in January and 200 yen the following December. This change could have occurred if the
A) demand curve for dollars shifted rightward. B) demand curve for dollars shifted leftward. C) supply curve of dollars shifted rightward. D) demand curve for yen shifted rightward.
Explain the relationship between the incidence of a tax and elasticity
What will be an ideal response?
During 2008, oil price increases
A) did not shift the short-run aggregate supply curve as far to the left as similar increases had 30 years earlier. B) shifted the short-run aggregate supply curve farther to the left than similar increases had 30 years earlier. C) shifted the aggregate demand curve farther to the left than similar increases had 30 years earlier. D) shifted the aggregate demand curve farther to the right than similar increases had 30 years earlier.
The principle of fractional reserve banking makes it possible for a
A) bank to make loans. B) bank to print currency. C) bank to avoid reserve requirements. D) bank to sell securities.