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:

Journal Entry

A record in the books of accounts that represents each transaction with debits and credits recorded to maintain the accounting equation.

Lower of Cost or Market

An accounting principle requiring inventory to be recorded at either its historical cost or its current market value, whichever is lower.

Inventory Valuation

The method used by businesses to assess their inventory's worth at the end of an accounting period, affecting financial statements and tax obligations.

Conservatism

An accounting principle that guides accountants to choose methods and assumptions that are least likely to overstate assets and income.