Which of the following statements about the long-term labor supply is FALSE?
A. Technology changes, such as the introduction of air conditioning in the mid-20th century, can have an impact on regional labor supply.
B. The growth rate of the working-age population has been declining since 1980.
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.
Answer: C
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According to the kinked demand curve model, regardless of whether a firm increases or decreases price, its total revenues will decrease as a result of the price change
Indicate whether the statement is true or false
Which of the following is not an implicit cost?
A) wages B) opportunity cost of using an owner's savings C) owner-provided capital D) owner-provided labor