Use the Following to Answer Questions

question 277

Multiple Choice

Use the following to answer questions:
Figure: Equilibrium in the Labor Market
-(Figure: Equilibrium in the Labor Market) In the figure Equilibrium in the Labor Market, an increase in the productivity of labor, when everything else stays the same, will lead to a(n) _____ in the equilibrium quantity of labor and a(n) _____ in the equilibrium price of labor.

• A) decrease; increase
• B) increase; decrease
• C) decrease; decrease
• D) increase; increase

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Definitions:

Net Income

The income a business retains following the deduction of all expenses, taxes, and costs from its overall revenue.

Total Assets

A corporation's complete asset portfolio, which includes both current assets and assets held for a longer period.

Post-Closing Trial Balance

A list of all accounts and their balances after the closing entries have been made, ensuring that debits equal credits in preparation for the next accounting period.

Temporary Accounts

Accounts that are closed at the end of the accounting year, including income, expense, and withdrawal accounts, to prepare the company for the new fiscal year.