As the wage rate rises, the income effect influences workers to choose ________ leisure, and the substitution effect influences workers to choose ________ leisure
A) more; less
B) more; more
C) less; less
D) less; more
A
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The concept of opportunity cost only applies to societies that operate in a market-based economy.
Answer the following statement true (T) or false (F)
Intermediate goods are excluded from GDP because
A) their inclusion would involve double counting. B) they represent goods that have never been purchased so they cannot be counted. C) their inclusion would understate GDP. D) the premise of the question is incorrect because intermediate goods are directly included in calculating GDP.
Marginal social cost
A) is the additional cost to the consumer of consuming another unit of a good. B) is equal to price times quantity sold. C) decreases as more of a good is produced and, hence, is depicted by a downward sloping curve. D) is the opportunity cost of producing one more unit of a good and, hence, is the same as the supply curve.
Some long-run unemployment may be explained by the fact that the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one
a. True b. False Indicate whether the statement is true or false