The substitution effect is the concept that changes in consumption of a good result from changes in the relative price of a jointly consumed good
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete
By how much and in what direction does GDP change as a result of his efforts? A) GDP rises by $125. B) GDP is not affected by Scott's production of the jewelry box. C) GDP rises by $1,875. D) GDP falls by $1,875.
The Sherman Act
A) prohibited banks from crossing states lines. B) prohibited railroads from transporting explosives. C) provided for the regulation of natural monopolies. D) declared that monopolization and restraint of trade were illegal.
A lump-sum tax:
A. takes the same percentage of taxes from income from all taxpayers. B. requires those with low incomes to pay a smaller percentage of their income than high-income people. C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers. D. taxes everyone the same amount, regardless of their income.
More than one-third of the unemployed are recent entrants into the labor force
a. True b. False Indicate whether the statement is true or false