Which statement is true?
A. Most people would put in a maximum workweek of 48 hours no matter what the pay.
B. As one's income rises, eventually the income effect outweighs the substitution effect.
C. As one's income rises, eventually the substitution effect outweighs the income effect.
D. The "backward bending" supply curve is not really backward bending.
B. As one's income rises, eventually the income effect outweighs the substitution effect.
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Which of the following is NOT a fixed payment loan?
A) a home mortgage B) a car loan C) a U.S. Treasury note D) a student loan
The chairman of the Board of Governors of the Federal Reserve System is appointed by the Senate and approved by the President
a. True b. False
The cost of an extra unit of coal in Australia in terms of oil given up is
A. 100.
B. 20.
C. 5.
D. 1/5.
The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencyCanada (Canadian dollar)1.4880.672Mexico (peso)9.2590.108 Based on these data, the nominal exchange rate equals approximately ________ pesos per Canadian dollar or, equivalently, ________ Canadian dollars per peso.
A. 9.259; 0.108 B. 6.222; 0.161 C. 0.672; 1.488 D. 7.771; 0.129