If Jay receives a pay cut and the price effect outweighs the income effect on his labor supply decisions, he will work:
A. more hours.
B. less hours.
C. the same amount.
D. zero hours.
B. less hours.
You might also like to view...
Dissaving occurs when
A. income is greater than saving. B. saving is greater than the interest rate. C. saving is greater than consumption. D. income is less than consumption.
Currency consists of
A) only coins minted by the U.S. Treasury. B) only Federal Reserve notes. C) coins minted by the U.S. Treasury and Federal Reserve notes. D) coins, Federal Reserve Notes and traveler's checks.
As of 2013, to be in the top quintile for income distribution in the United States, a household needed in income at least
A. $140,000. B. $85,000. C. $52,000. D. $117,000.
If the price of refillable butane lighters was to decrease, then
A) the demand for butane would decrease. B) the demand for butane would increase. C) the quantity of butane demanded would increase. D) the quantity of butane demanded would decrease.