For most consumers, the process of learning about the efficiency and durability of various brands of refrigerators can be considered
a. irrational
b. unproductive
c. a vocation
d. nonmarket work
e. costless
D
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The combined effect (both income and substitution) of a wage increase is that
A) if the substitution effect outweighs the income effect, the labor supply curve slopes upward, but if the income effect outweighs the substitution effect, the labor supply curve is backward bending. B) the income effect always dominates, leading to less work at a higher wage. C) if the substitution effect outweighs the income effect, the labor supply curve is backward bending, but if the income effect outweighs the substitution effect, the labor supply curve slopes upward. D) the substitution effect always dominates, leading to more work at a higher wage.
If union demands result in a surplus of labor in some industries, the resulting
a. increased demand for labor in the nonunion sector drives nonunion wages up b. decreased demand for labor in the nonunion sector drives nonunion wages down c. increased supply of labor in the nonunion sector drives nonunion wages down d. increased supply of labor in the nonunion sector drives nonunion wages up e. decreased supply of labor in the nonunion sector drives nonunion wages up
Revenue sharing is usually a means of
a. making states transfer money to the federal government. b. equalizing expenditures per pupil made by school districts. c. splitting the revenue earned from excise taxes between states and the federal government. d. making grants to state and local governments.
Do changes in relative inflation rates affect the value of a nation’s currency?
What will be an ideal response?