According to the text, which of the following factors contributed to the increased labor force participation rate of women during the postwar period?
a. rising real wages
b. an increase in the years of schooling completed by women
c. declining fertility rates
d. the growth of the service sector
e. All of the above
e. All of the above
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A utility-maximizing consumer equalizes marginal utilities per dollar spent across all goods
Indicate whether the statement is true or false
Across the United States, fire departments are fighting with private companies over the right to respond to medical emergencies. Each side will fight harder the:
A. more inelastic the demand. B. less inelastic the demand. C. more elastic the supply. D. more elastic the demand.
Suppose that sellers value a good car at $10,500 and a bad car at $5,500, and quality is not observed by the buyers. What is the highest price that risk-neutral buyers will offer for a used car if they ignore adverse selection when 60 percent of the cars are good?
A. $8,000 B. $8,500 C. $10,500 D. $5,500
A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline’s price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize?
What will be an ideal response?