The tables set out information about the economy of Athabasca. Table 1 Production Function Suppose the labor force participation rate of Athabasca decreases. Labor hours Real GDP (millions) (millions of dollars) 1 19 37 When the labor force participation rate of Athabasca decreases, employment 3. 54 70 85 A. does not change O B. decreases Table 2 Labor Market Quantity of labor demanded Quantity of labor supplied (millions of hours per year) Real wage O C. increases rate O D. either increases or decreases, but we don't know for sure (dollars per hour) 19 1 When the labor force participation rate of Athabasca decreases, potential GDP 18 2 4. and the real wage rate 17 16 4. O A. increases; increases 15 OB. decreases; increases OC. increases; decreases OD. decreases; decreases

The tables set out information about the economy of Athabasca. Table 1 Production Function Suppose the labor force participation rate of Athabasca decreases. Labor hours Real GDP (millions) (millions of dollars) 1 19 37 When the labor force participation rate of Athabasca decreases, employment 3. 54 70 85 A. does not change O B. decreases Table 2 Labor Market Quantity of labor demanded Quantity of labor supplied (millions of hours per year) Real wage O C. increases rate O D. either increases or decreases, but we don't know for sure (dollars per hour) 19 1 When the labor force participation rate of Athabasca decreases, potential GDP 18 2 4. and the real wage rate 17 16 4. O A. increases; increases 15 OB. decreases; increases OC. increases; decreases OD. decreases; decreases

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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