A Reduction in the Supply of Labor Will Cause Wages

question 113

Multiple Choice

A reduction in the supply of labor will cause wages to:

• A) decrease and employment to decrease.
• B) increase and employment to decrease.
• C) increase and employment to increase.
• D) decrease and employment to increase.

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Definitions:

British Parliament

The supreme legislative body in the United Kingdom, consisting of two houses: the House of Commons and the House of Lords.

Port Of Charleston

A significant seaport in Charleston, South Carolina, with a rich history of trade, immigration, and military strategic importance in the United States.

Natural Rights

Rights that individuals are born with, which are not contingent upon laws, customs, or beliefs, often including the right to life, liberty, and property.

American Revolution

The period (1765-1783) during which thirteen of Britain's North American colonies successfully fought for their independence to become the United States of America.