Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 24, Problem 4MCQ
To determine
To identify:
The option that correctly states the factor by which the households labor supply decisions are influenced.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
16
Every economy comprises of people who are out of the labor force. “Out of the labor force” is an economic term that refers to _______.
a.
Children below the age of 14
b.
People who are retired
c.
All of the options
d.
People who are not ready to work
15
Which economics analyzes all level of employment in the economy
Select one:
a. None
b. Financial economics
c. Microeconomics
d. Industrial Economics
Identify each of the following as nominal or real variables.a. the physical output of goods and servicesb. the overall price levelc. the dollar price of applesd. the price of apples relative to the price of orangese. the unemployment ratef. the amount that shows up on your paycheck after taxesg. the amount of goods you can purchase with the wage you get each hourh. the taxes that you pay the government
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
Knowledge Booster
Similar questions
- An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 have one part-time job, 5 have two part-time jobs, 10 would like to work and are looking for jobs, 10 would like to work but are so discouraged they have given up looking, 10 are running their own businesses, 10 are retired, and 10 are small children. a) Calculate the size of the labor force and the labor-force participation rate. b) Calculate the number of unemployed and the unemployment rate. c) Calculate total employment in two ways: as measured by the household survey and as measured by the establishment survey.arrow_forwardWomen’s rising labor force participation might either increase or reduce marriage rates. Explain why the effect could go either way.arrow_forwardI need help with a macroeconomic question: Why does canceling a law that make it difficult to fire workers decrease natural rate of uneployment?arrow_forward
- Which would likely increase the average level of interest rates for auto loans? Select one: a. An increase in inflation. b. An increase in the unemployment rate. c. A decrease in the level of business investment. d. A decrease in the amount of consumer spending.arrow_forwardThe biggest problem of production to be solved is: Deciding how much of a business’s production budget should be invested in lobbying congress for policies favorable to the business. Deciding how best to allocate a business’s limited manpower and resources so as to produce what consumers most want. To create as many jobs as possible. To produce as many goods as possible.arrow_forwardneed help with review multiple choice macroeconomic question 24. Newspaper and government sources often cite ‘core’ CPI, a Consumer Price Index that does not include volatile items like gasoline and food. Why is this a misleading measure?(A) It can overstate inflation.(B) It can understate inflation.(C) It misrepresents the volatility of consumer prices. (D) All of the above. 25. Why is the phrase, “Follow the science,” imprecise and misleading?(A) Scientists are mostly a bunch of nerds who do not deadlift.(B) Science is a process of falsification, not a set of dogmas.(C) Scientists have historically stated that smoking is good for health, that Thalido-mide is safe, and that peptic ulcers are caused by spicy foods (instead of H. pylori).(D) It is neither imprecise nor misleading. Always trust scientists.arrow_forward
- A changing-basket price index (Passche index) like the GDP deflator tends to:a. underestimate the change in the cost of living because it does not take into account that people can substitute less-expensive goods for ones that become more expensive.b. overestimate the change in the cost of living because the continual introduction of new goods makes consumers better off even if prices do not fall.c. underestimate the change in the cost of living because it does not reflect the reduction in consumers’ welfare that may result from the substitutions of less expensive goods for more expensive ones.d. overestimate the change in the cost of living because it takes into account that people can substitute less expensive goods for more expensive ones.arrow_forwardThe statements given reflect either Micro or Macroeconomic issue. indicate in each case which you think is applicable. 1. The governor of the SARB recently announced a decrease in the repo rate( interest Rate) 2. consumption by south african household decreased in the first quater of 2020.arrow_forward1) Additional labor productivity would be equivalent to a) it is not equivalent any of the choices.b) education and skills.c) additional output for additional input.d) GDP per number of active labor force.e) all of the choices are correctf) marginal productivity of the worker. 2. All of the following will cause unemployment except a) educational institutionsb) quality of graduatesc) government policiesd) use of modern technologye) stable prices 3. Having a higher income means having more money to buy food, but a) there are choices that must be made to get the proper value for food consumed.b) eating processed/manufactured foods do little for the economy.c) quality and quantity of foods must be chosen.d) prices increase when income increases.e) restaurants are far better to eat in than fast food.arrow_forward
- Economists use labor-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? Situations unemployment rate employment–population ratio More meaningful one a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement.…arrow_forwardThe consumer price index is subject to the substitution bias and the quality/new good bias. Are the producer price index and the GDP deflator also subject to these biases? Why or why not?arrow_forwardEconomic crises were explained by Mill, Sismondi, and Marx (recessions). Explain how each came to the idea that economic gluts and recessions might occur. What are the similarities and differences between the explanations?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning