The participation rate in the labour force is affected by ?
Correct answer: E. all of the above
- A. higher real wages
- B. lower fixed costs of working
- C. lower non-labour income
- D. changes in tastes between leisure and work
- E. all of the above
Explanation
Labour-force participation responds to the reward from working, the costs of working, non-labour income, and preferences between work and leisure. Therefore, all listed factors can affect participation.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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