Since 1955, the percentage of U.S. workers who are union members has increased from one in seven to one in three
Indicate whether the statement is true or false
false
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Which of the following statements is most accurate about women's involvement in the labor force?
a. Over half of the women who entered the labor force between 1940 and 1944 had dropped out by 1950. b. Between 1940 and 1950 the number of women employed in the labor force dropped. c. After World War II, the supply of young married women available to work increased. d. Women made their largest gains in employment in the service and agricultural sectors.
The market price for wallets is $20 . Your technology is such that at your most efficient production point, the average total cost of producing a wallet is $2.50 . Your manager runs into your office and shouts, "Boss! Average costs are rising! Average costs are rising!" To make a profit-maximizing decision, you should
a. definitely decrease production b. immediately stop production c. completely ignore your manager d. ask the manager about the marginal cost e. ask the manager about the average total cost
In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $24,000; $24,000 B. $30,000; $30,000 C. $30,000; $24,000 D. $24,000; $30,000
A firm in a competitive industry faces a market price for output of $25 and a wage rate of $750. At the current level of employment (50 units of labor), the marginal product of labor is 20. In order to maximize profit, the firm should
A. keep the level of employment the same because the firm is earning a profit of $500. B. hire less labor because the firm is suffering a loss of $12,500. C. hire more labor because hiring another unit of labor would increase profit by $500. D. hire less labor because hiring the last unit of labor decreased profit by 250.