Problem
1. What is the employment ratio? What notable trends in this ratio have occurred over the past fifty years?
2. Why is the quantity of labor demanded inversely related to the real wage rate?
3. Is the quantity of labor supplied inversely related to the real wage rate? Why?
4. Identify three things that can change labor demand or supply and reduce employment. How would each of these affect real wages?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.