The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied
A) homogeneous labor supply effect
B) negative correlation effect
C) income effect
D) substitution effect
D
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Japan has a single-payer health care system in which the government provides national health insurance to all Japanese residents
Indicate whether the statement is true or false
Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the second ice cream cone?
A) $0.50 B) $1.50 C) $3.00 D) $10.50
Usually, increased government spending for war increases inflationary pressures. The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence, during World War II, of
a. full employment. b. government ownership of factories. c. full production. d. wage and price controls. e. high levels of patriotism.
All of the following are government imposed quantity restrictions except
A) A ban on a good making it illegal to own the good B) Import quotas C) Licensing certain activities D) Rent controls