How Will an Increase in Population Affect the Labor Market

question 169

Multiple Choice

How will an increase in population affect the labor market?

• A)It will shift the market supply curve.
• B)It will cause a decrease in the quantity of labor demanded.
• C)It will increase the supply of jobs.
• D)It will increase the opportunity cost of leisure.

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Definitions:

Recording Business Transactions

The process of documenting the financial activities of a business in accounting records according to established principles.

Operating Cycle

Average time it takes to buy and sell merchandise and then collect accounts receivable.

Financial Statements

Financial statements are formal records that outline the financial activities and condition of a business, entity, or individual, encompassing the balance sheet, income statement, and cash flow statement.

General Journal

The primary bookkeeping record in double-entry accounting, used to record all transactions by date, before they are posted to individual accounts in the general ledger.