a country's working-age population declines and its wealth increases, then the labor supply curve shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. shifts to the left. shifts to the right.

Claudia Goldin argues that married women's labor force participation increased in the US during 1930s and 1950s due to the following developments Increased demand for office and other clerical workers with the new information technologies Increase in high school enrollment and graduation of women from 1910 to 1930 Decline in fertility rates and increase in divorce rate a and b

In the short run, the owner of a firm should continue to hire additional units of labor until: a. the price of the product is equal to the wage rate divided by the marginal product of labor. b. the wage rate is equal to the price of the product multiplied by the marginal product of labor. c. the marginal product of labor is equal to the wage rate divided by the product price. d. Both a and c are correct. e. All of the above are correct.

This figure depicts a model of labour supply and consumption for the US in 1900 and 2013. The wage rate is shown to have increased between the two years. Which of the following are true? (Ignore the dashed orange line) Consumption ($) 300 225 150 75 0 8 10 12 14 D 16 18 Hours of free time 20 ← a. The income effect dominates the substitution effect, leading to a reduction in the hours of work. b. According to this model, Americans work more and consume more in 2013 than in 1900 ☐c. The substitution effect dominates the income effect, leading to an increase in the hours of work. d. According to this model, Americans consume more and enjoy more free time in 2013 than in 1900 22 24