fter world war 2, social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home. Given this change, the labor supply curve would h

fter world war 2, social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home. Given this change, the labor supply curve would h

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 5QFR

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Concept explainers

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.

Question

After world war 2, social norms relating to women's participation in the labor force relaxed and women were more likely to be employed outside the home. Given this change, the labor supply curve would have

shifted right.
Ostayed the same.
Ostayed the same but move downward.
Ostayed the same but move upward.
shifted left.

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