When the wage rate rises, a worker is better off and thus chooses to have more leisure and more consumption. This phenomenon is known as
a. compensating differential.
b. the income effect.
c. the substitution effect.
d. intertemporal substitution.
b. the income effect.
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Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the number of jobs the economy has gained or lost
a. True b. False Indicate whether the statement is true or false
One's own personal gain
a. standard of living b. privatize c. economic system d. self-interest e. factor payments
A saver can eliminate ________ risk through ________.
A. systemic; diversification B. systemic; asset valuation C. idiosyncratic; asset valuation D. idiosyncratic; diversification
If you bought eight pairs of shoes, the marginal utility of the seventh pair was
A. greater than the price. B. equal to the price. C. less than the price.