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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In this economic system, private citizens own all of the factors of production to make products and create profits.
A. socialist economy B. Capitalist economy C. Command economy D. Mixed socialist economy
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat?
A) Market clearing price will rise, and equilibrium quantity will rise. B) Market clearing price will fall, and equilibrium quantity will fall. C) Market clearing price will rise, and equilibrium quantity will fall. D) Market clearing price will fall, and equilibrium quantity will rise.