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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

The participation of women in the U.S. labor force has risen dramatically since 1970.

a. How do you think this rise affected GDP?

b. Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP?

c. Can you think of other aspects of well-being that are associated with the rise in women’s labor-force participation? Would it be practical to construct a measure of well-being that includes these aspects?

Sub part (a):

To determine

The impact of increased labor force participation in the US on GDP.

Explanation

When the labor force participation of the economy increases due to the increased participation of women in the economy, it will lead to increase the production of the economy...

Sub part (b):

To determine

Change in measure of well-being and change in GDP.

Sub part (c):

To determine

Other aspects in the measure of well-being.

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