Economics Chapter 08

The American labor force is considered to be homogeneous.

Productivity sets only the lower limits to the amount of wages workers are likely to earn.

The demand for workers is directly related to consumer demand for goods and services.

Finance, insurance, and real estate are all

Wages alone can determine the total supply of labor in a particular field.

There are less nonwhite workers in the labor force today than there were in 1980.

The demand for labor varies inversely with wages.

As workers retire from the labor force, job opportunities open up for younger people.

The categories of blue-collar and white-collar workers have become

Significant changes are currently taking place in the labor force.

The technological revolution has resulted in both losses and increases in jobs.

The number of workers available to perform a particular job at a specified wage is

The demand for labor depends on

In recent years, the educational attainment of the average U.S. worker has been decreasing.

People who worked in professional, technical, and managerial jobs were once known as

The population of the United States over the past many years has been

As wages fall, the number of workers in the labor force

A term used to describe the rapid changes in ways of producing goods and services is

The term that refers to the number of workers that a firm will hire at a particular wage is

The technological revolution is occurring only in the United States.

Manufacturing, agriculture, forestry, fishing, and mining are all

The U.S. population grew at a faster rate from 2000-2010 than it did from 1980-1990.

As the economy grows, it creates more jobs.

The number of workers a firm hires/fires depends on a firm's expected sales and output.

The supply of labor is subject to which of the following factors?

If consumers buy less of a good or service, the demand for workers in that industry will

Most of the highest paying jobs in the United States require a college education.

All persons 16 years of age or older who are working or looking for work is called the

Americans are living longer, and people are retiring at an older age.

Our labor force has grown in recent decades for which of the following reasons?

The health care industry is one of the fastest growing industries in the U.S. economy.

There are less women in the labor force today than there were in 1980.

People who worked in craft, operative, and laboring jobs were once known as

As the average age of the U.S. population gets older, the average age of the labor force

Goods-producing industries are growing at a much faster rate than service-producing industries.

As the population growth rate declines, the labor force growth rate declines as well.

Which of the following "nonmarket forces" are major factors in determining wage levels?

Unemployment rates are highest among high school dropouts.

When consumers buy more of a good or service, the demand for workers in that industry will

Companies will hire workers until

In recent decades, electronic machines have increased the amount of human labor needed.

The labor force changes as the

The demand for labor is called "derived demand."

The willingness of workers to move where the jobs are is described as their mobility.

As wages rise, the number of workers in the labor force

Along with the growth in the size of the labor force, we can expect to see

As our country's population has grown, so too has our labor force.

The Bureau of Labor Statistics currently uses which terms to categorize occupations?

The demand for goods and services being produced influences the number of workers employed.

Employers can afford to pay new workers no more than what the worker adds to the firm's income.

The economic term that describes the value of output of the last worker hired by a firm is