What would most likely result from a decline in the money in circulation compared to the population?

A decline in the money in circulation relative to the population typically leads to an increase in the value of the dollar. When there is less money available, each dollar effectively has more purchasing power. This situation reflects a tighter money supply, meaning that money becomes scarcer; consequently, its value increases as demand for the limited amount of money grows while the same number of goods and services are available for purchase.

An increase in the dollar's value may also result in deflationary pressures, influencing how prices are set in the economy. While the other options might seem relevant in different contexts, they do not directly address the core outcome of diminishing money supply in relation to population growth. The contraction of money supply typically diminishes demand and can lead to reduced employment opportunities, but the immediate and most direct effect is a rise in the dollar's value.