Which of the Following Statements About the Long-Term Labor Supply

question 40

Multiple Choice

Which of the following statements about the long-term labor supply is FALSE?

• A) The growth rate of the working-age population has been declining since 1980.
• B) Technology changes, such as the introduction of air conditioning in the mid-20^th century, can have an impact on regional labor supply.
• C) Immigration provides an insignificant proportion of the overall growth of the workforce.
• D) Programs funded by payroll taxes, such as Social Security and Medicare, face problems from a slowdown in the growth of the working-age population.

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Definitions:

Factory Overhead

All indirect manufacturing costs, including costs related to running the factory that cannot be directly tied to a specific product.

Prime Costs

The combination of direct material and direct labor costs that are directly involved in manufacturing a product.

Direct Labor

The work of factory employees that can be easily traced to the production of specific goods or services.

Factory Overhead

Indirect manufacturing costs not directly tied to production, including maintenance, utilities, and equipment depreciation.