The income effect of higher wages leads workers to want to work more
a. True
b. False
Indicate whether the statement is true or false
False
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The market value of all final goods and services in an economy produced by resources owned by people of that economy, regardless of where the resources are located, is
a. gross domestic product b. gross national product c. net national product d. national income e. gross private domestic investment
Assuming that pollution cannot be removed from the environment at zero cost, the optimal level of pollution
A) will be zero. B) will be negative. C) will be greater than zero. D) cannot be determined.
Long-run equilibrium for a monopolistic competitor is characterized by
A) a price exceeding marginal cost. B) marginal cost pricing. C) economic profits. D) too few firms in the industry.
According to the quantity theory of money, if the money supply is growing at a rate of 5 percent, real GDP is growing at a rate of 2 percent, and velocity is constant, what will the inflation rate be?
What will be an ideal response?