How will an increase in population affect the labor market?
A) It will increase the supply of jobs.
B) It will shift the market supply curve.
C) It will cause a decrease in the quantity of labor demanded.
D) It will increase the opportunity cost of leisure.
B
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If an increase in income results in a rightward parallel shift of the demand curve, then at any given price, the price elasticity of demand will have
A) increased in absolute terms. B) decreased in absolute terms. C) remained unchanged. D) increased, decreased or stayed the same. It cannot be determined.
If the government's spending exactly equals its revenues during a budget year, that government is
A) running a budget deficit. B) experiencing a budget surplus. C) balancing its budget. D) paying off its public debt.
A key assumption of Ricardo's economic rent concept was that
A) all land is equally productive. B) land is too differentiated to be able to measure. C) only land in large cities matters. D) land is always cheap and needs development.
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to rise. b. M2 money supply to rise. c. M2 money multiplier to remain the same. d. M2 money supply to fall.