An Advance in Technology That Increases Productivity and an Increase

question 282

Multiple Choice

An advance in technology that increases productivity and an increase in the working-age population results in a

• A) rightward shift of the labor supply curve and of the labor demand curve.
• B) rightward shift of the labor supply curve.
• C) movement along the production function.
• D) rightward shift of the labor demand curve.

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Definitions:

Letter-Of-Credit

A financial instrument issued by a bank guaranteeing a buyer's payment to a seller, providing security in international trade transactions.

Formal Contract

A legally binding agreement, often in written form, that explicitly outlines the terms and conditions agreed upon by the parties involved.

Informal Contract

A non-official agreement that lacks the formalities of a written contract but is still legally binding.

Binding Contract

A legal agreement between parties that is enforceable by law, where each party is obliged to fulfill their promises or face legal consequences.