The More Freedom People Are Given to Choose the Date

question 110

Multiple Choice

The more freedom people are given to choose the date of their retirement,the

• A) more elastic is the supply of labor.
• B) less elastic is the supply of labor.
• C) steeper is the labor supply curve.
• D) smaller is the decrease in employment that will result from a tax on labor.

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Definitions:

Straight Line Basis

A method of calculating depreciation and amortization that allocates an equal portion of an asset's cost to each period in its useful life.

Salvage Value

The estimated value that an asset will realize upon its sale at the end of its useful life.

Payroll Accrual

The process of recording salaries and wages that have been earned by employees but not yet paid by the company.

Books Closed

A term referring to the point at which an accounting period is concluded and all financial statements are finalized.