For the past year, Teddy has had a part-time job at which he is willing to work 10 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage
As a result of the wage increase, Teddy is now willing to work 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect. A) work; greater
B) work; less
C) leisure; greater
D) leisure; less
C
You might also like to view...
All of the following are reasons countries may be unable to use discriminatory trade practices to enforce labor standards EXCEPT
A) in order to be effective a coalition of countries must join together to impose them. B) countries can never impose trade barriers on other sovereign nations. C) the WTO requires nations to treat other nations the same. D) a single country may be unsuccessful in convincing members of its trading block to participate in imposing the sanctions. E) retaliation or a full blown trade war might result.
Between 1921 and 1929 national output rose about _____%.
Fill in the blank(s) with the appropriate word(s).
Secondary reserves consist of (1) _______; (2) _______; (3) ________; and (4) _______.
Fill in the blank(s) with the appropriate word(s).
In Figure 1.9, the slope of the line between points K and L is
A. 0.60. B. 0.75. C. 0.80. D. 1.25.