The ________ effect means that, other things remaining the same, the higher the wage rate, the less time people will spend working and the more time people will spend at leisure
A) price
B) labor
C) income
D) substitution
C
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What is a budget constraint?
What will be an ideal response?
When the federal government installs a price support program that requires the government to purchase all of a good not bought in the private economy at the support price, changes in producer surplus
A) are negative. B) are positive, but more than offset by the cost to consumers and the government. C) are positive, and not offset by the cost to consumers and the government. D) and consumer surplus are both positive.
A nation should specialize in the good for which it has an absolute advantage
Indicate whether the statement is true or false
Prior to the mid-1980s, almost all loans extended by the International Monetary Fund were repaid on time.
Answer the following statement true (T) or false (F)