Suppose That Homemakers Are Included as Employed in the Labor

question 159

Multiple Choice

Suppose that homemakers are included as employed in the labor force statistics,rather than being counted as out of the labor force.This would

• A)increase the measured unemployment rate.
• B)increase the measured labor force participation rate.
• C)decrease the number of persons in the labor force.
• D)decrease the number of persons in the working-age population.

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Definitions:

Rapidly

Occurring in a short time or at a fast pace.

Maximizing

The strategy of seeking the best possible outcome or the highest possible utility when making a decision.

Availability Heuristic

A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid examples.

Satisficing

A decision-making strategy that entails selecting the first option that meets a minimum set of criteria, rather than optimizing.