As more women entered the workforce a more men lost jobs in

As more women entered the workforce:

a. more men lost jobs in the long run.

b. youth crime increased significantly.

c. household income increased and less production occurred in the home.

d. more famlilies moved to rural areas.

What do economists view as the overall goal of a household?

a. Increase the household\'s annual income.

b. Prepare for retirements of household members.

c. Increase savings.

d. Maximize utility.

Over two-thirds of US personal income comes from:

a. labor earnings.

b. hourly wages.

c. stocks and bonds.

d. interest payments and rent.

4 A major advantage of a firm is its ability to:

a. market products and sell them at larger volumes of sales and revenue.

b. compete internationally and lower fixed costs.

c. to reduce transaction costs, promote division of labor, reduce transportation costs, and use expensive technology.

d. promote government spending for research and development.

5 Firms are assumed to:

a. maximize profits.

b. maximize utility.

c. maximize revenue.

d. minimize costs.

6 Which is the most important form of business organization in terms of sales?

a. Sole proprietorship

b. Corporation

c. Partnership

d. Cooperative

7 Transfer payments are:

a. an economic drag on the economy in the long run.

b. not part of the income flow and not taxed.

c. cash transfers like welfare benefits and social security.

d. not a significant part of public policy.

8 The role of government is to:

a. promote competition.

b. regulate monopolies.

c. provide public goods.

d. all of these choices.

9 Part of the reason for taxation is to redistribute income to those with lower incomes.

True

False

10 The merchandise trade balance is the difference between the value of exported goods and imported goods.

True

False

11 The price of one currency in terms of another is referred to as the:

a. exchange rate.

b. purchasing power.

c. comparative price.

d. real price.

12 Households ________, and ________.

a. supply labor, capital, land, and entrepreneurial ability to resource markets; demand goods and services from product markets

b. supply goods and services in product markets; demand labor, capital, land, and entrepreneurial ability from resource markets

c. receive income from selling goods and services in product markets; spend money on labor, capital, land, and entrepreneurial ability in resource markets

d. none of these choices

13 Two key differences in households today relative to those in the 19th century are that households today have ________ and ________.

a. increased household production of goods and services; lower rates of female employment outside the home

b. increased household reliance on markets for goods and services; lower rates of female employment outside the home

c. increased household production of goods and services; higher rates of female employment outside the home

d. increased household reliance on markets for goods and services; higher rates of female employment outside the home

14 Economists use the term \"utility\" to refer to the usefulness of a good or service, and so consequently aesthetic products like art, music, and vacations have no utility.

True

False

15 Which of the following represents the most valuable resource sold by most households?

a. Land

b. Labor

c. Capital d

. Entrepreneurial ability

16 Which of the following best describes the percentage of personal income that households spend on consumption, as opposed to savings or taxes?

a. 5 percent

b. 40 percent

c. 60 percent

d. 80 percent

17 Before the modern manufacturing firm evolved during the Industrial Revolution in Great Britain, entrepreneurs \"put out\" production to rural households in what came to be known as the cottage industry system.

True

False

18 A sole proprietorship has ________, whereas a partnership has ________.

a. a single owner receiving the firm\'s profit and bearing unlimited liability; multiple owners sharing the firm\'s profit and bearing unlimited liability

b. multiple shareholders with limited liability; a single owner receiving the firm\'s profit and bearing unlimited liability

c. multiple owners sharing the firm\'s profit and bearing unlimited liability; multiple shareholders with limited liability

d. none of these choices

19 Advantages of the corporate structure for a firm include which of the following?

a. Small stockholders have the same ability to influence corporate policy as large stockholders, because corporations are governed on the \"one person, one vote\" principle.

b. Corporate income is only taxed once.

c. Corporations that violate environmental or workplace safety law can be punished by sentencing the cour answer:rporation to prison terms

. d. None of these choices are correct.

20 Corporations make up ________ percent of all U.S. businesses, and corporate sales make up ________ of all business sales.

a. 89; 20

b. 50; 50

c. 20; 89

d. 89; 89

Solution

Answer 1 As more women entered the work force

c) household income increased and less production occurred at home.

Its obvious because most of the household work was earlier looked up by women and now with Women working, household production has decreased.

While because of patriarchal mindsets, men don\'t always do the household works.