Asked by Viviana Vergara on Jun 19, 2024
Verified
If the age at which a person can receive Social Security benefits increases from 67 to 70,the supply of labor will increase.
Social Security
A government program that provides financial assistance to individuals during retirement, disability, or upon the death of a primary wage earner.
Supply of Labor
The total hours that workers wish to work at a given wage rate, influenced by factors like wages, working conditions, and demographics.
Age
A measure of time that an individual or object has existed from its birth or creation to a specific point.
- Analyze the effects of external economic conditions on labor supply.
Verified Answer
BS
Butta somalJun 26, 2024
Final Answer :
True
Explanation :
If the age at which a person can receive Social Security benefits increases, individuals may continue working longer, leading to an increase in the supply of labor.
Learning Objectives
- Analyze the effects of external economic conditions on labor supply.