When interest rates increase, the substitution effect suggests that individuals will
A. consume less today.
B. save less today.
C. save more and consume more today.
D. consume less in the future.
Answer: A
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The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?
If the supply curve decreases while the demand curve remains unchanged, the equilibrium price would increase
a. True b. False Indicate whether the statement is true or false
Good X is a Giffen good. When the price of X increases, the consumer will consume
a. more X. b. the same amount of X. c. less X. d. more or less X depending on the size of the income effect relative to the size of the substitution effect.
Which of the following is the broadest based price index?
A. the consumer price index B. the producer price index C. the implicit price deflator D. the personal consumption expenditures price index