Which of the following statements best describes the U.S. labor force since World War II?
a. Total employment grew, but the labor force participation rate fell.
b. Total employment grew, and so did the labor force participation rate.
c. Total employment grew, but the labor force participation rate remained unchanged.
d. Total employment remained constant, but the labor force participation rate fell.
e. Total employment remained constant, but the labor force participation rate rose.
B
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There is a surplus in a market for a product when
A. demand is less than supply. B. quantity demanded is less than quantity supplied. C. the current price is lower than the equilibrium price. D. quantity demanded is greater than quantity supplied.
Suppose a market is initially in equilibrium and supply increases. The consumer surplus will:
a. be higher since the price is lower and equilibrium moves down along the demand curve. b. be higher, since the price is lower and will move you down along the demand curve. c. be higher since the price is lower and equilibrium moves up along the demand curve. d. be lower since the price is lower and equilibrium moves up along the demand curve.
The number of times a unit of currency changes hands for transactions in a given period is called
a) the transactions demand for money b) the money multiplier c) M1 d) GDP e) velocity
According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. producer surplus will change from (B + C + D + E) to D only. B. producer surplus will change from (D + E) to (D + B). C. producer surplus will change from (D + E) to (D + E + B + C). D. producer surplus will change from (D + B) to (D + E).