Labor supply
A) must necessarily increase when the real wage increases.
B) increases if the substitution effect exceeds the income effect.
C) is increasing and then decreasing in the real wage.
D) increases when taxes increase.
B
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Suppose the annual growth rate of GDP in Belize is 3.5 percent. In 20 years, GDP in Belize will double
A) 1 time. B) 1.5 times. C) 3.5 times. D) 7 times.
The interest rate that the Fed charges banks to borrow funds from the Fed is the
A) nominal interest rate. B) discount rate. C) federal funds rate. D) money market rate.
What are the arguments in favor of the redistribution of income?
What will be an ideal response?
If a firm spends money on advertising, its gross profit is ________ its net profit.
A) greater than B) exactly twice C) equal to D) less than