Labor Economics Chapter 6
What Decision to participate in the labor force has to be made? - ANSTo work or not to work
Any time not spent working is called what? - ANSleisure time
What is the Labor Force Participation Rate? - ANSLabor force divided by Population over 16
years old
The Overall participation has been increasing ________ ______. - ANSover time
Participation for men has been - ANSFalling
Participation for women has been - ANSIncreasing
Men starting careers - ANSlate and ending early
Over this century, hours of work have _________ ________, this is Sign of more ?
. - ANSdramatically fallen, leisure valued than work
The labor supply theory help - ANSunderstand the decision to work
Decision to work is a choice between _____ and _________ for pay. - ANSleisure , working
Demand for leisure is the ________ of _________ of ________ - ANSreverse , supply , labor
Leisure up - ANSincome effect stronger.
Leisure down - ANSsubstitution effect stronger.
same leisure - ANSequal to each other.
Wages up we substitute - ANSSubstitute away from higher price leisure. 9substitution effect)
labor is up.
wages down we substitute - ANSLeisure up, labor down, substitutes towards lower priced
leisure. (substitution effect)
wages down income - ANSleisure down and labor up.( income effect)
wages up income - ANSconsume more leisure and less labor. 9Income effect)
What Decision to participate in the labor force has to be made? - ANSTo work or not to work
Any time not spent working is called what? - ANSleisure time
What is the Labor Force Participation Rate? - ANSLabor force divided by Population over 16
years old
The Overall participation has been increasing ________ ______. - ANSover time
Participation for men has been - ANSFalling
Participation for women has been - ANSIncreasing
Men starting careers - ANSlate and ending early
Over this century, hours of work have _________ ________, this is Sign of more ?
. - ANSdramatically fallen, leisure valued than work
The labor supply theory help - ANSunderstand the decision to work
Decision to work is a choice between _____ and _________ for pay. - ANSleisure , working
Demand for leisure is the ________ of _________ of ________ - ANSreverse , supply , labor
Leisure up - ANSincome effect stronger.
Leisure down - ANSsubstitution effect stronger.
same leisure - ANSequal to each other.
Wages up we substitute - ANSSubstitute away from higher price leisure. 9substitution effect)
labor is up.
wages down we substitute - ANSLeisure up, labor down, substitutes towards lower priced
leisure. (substitution effect)
wages down income - ANSleisure down and labor up.( income effect)
wages up income - ANSconsume more leisure and less labor. 9Income effect)
