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JAMB Economics 2007 Question 49

Question 49

Labour Market

An upward review of the retirement age will affect the

  1. A.demand for labour
  2. B.supply of labour
  3. C.wage rate
  4. D.tax rate
Show the answer and explanation

Answer: B (supply of labour)

Explanation

If people retire later, more people remain available for work, so the supply of labour increases.