Question

Problems and Applications

Answer 1

Answer: See explanation

Explanation:

1. The participation of women in the U.S. labor force has risen dramatically since 1970.

A. True

2. This rise likely decreased GDP in the United States.

B. False

The above is false. This is because a rise in the participation of women in the labor force would lead to the increase in production in the country and this will bring about a rise in the gross domestic product as well.

3. Now imagine a measure of well-being that includes time spent working in the home and taking leisure.

There'll be a reduction in the measure of well being. This is because more women would have joined the labor force which would have reduced the time spent working in the home and taking leisure.

4. The change in this measure of well-being would be less than the change in GDP.

The measure of well being would fall as more women would work and leisure would reduce. Ultimately, the GDP would rise since there would be an increase in production activities.