As economies develop, more jobs will require more education and training. What effect will this have on the labor market of 18 to 24 year olds?
a. The demand for workers ages 18 to 24 years old will decrease as more young people go to school.
b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school.
c. The demand for workers ages 18 to 24 years old will increase as more young people go to school.
d. The supply of workers ages 18 to 24 years old will increase as more young people go to school.
b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school.
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The long run aggregate supply curve (LRAS) also represents
A) the full-employment level of output. B) the full-information level of output. C) the full-adjustment level of output. D) all of the above.
In economics, a synonym for utility is
A) usefulness. B) satisfaction. C) sacrifice. D) a service.