During World War II,the Labor Force of the United States

question 53

Multiple Choice

During World War II,the labor force of the United States

• A)saw fifteen million people leave civilian labor for the armed forces.
• B)saw the supply of civilian labor decline by 25 percent.
• C)was forced to contend with a large labor surplus.
• D)saw both fifteen million people leave civilian labor for the armed forces and the supply of civilian labor decline by 25 percent.
• E)None of these answers is correct.

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Definitions:

CPI

The Consumer Price Index is an indicator that calculates the overall average prices of a selection of consumer items and services, including food, transportation, and healthcare, which is utilized to measure inflation.

Winner-Take-All Markets

Markets in which the top performers are able to capture a very large share of the rewards, and the rest are left with very little.

Substitution Effect

The economic understanding that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Income Effect

The Income Effect refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.