If the substitution effect of a wage change outweighs the income effect of a wage change, the labor-supply curve is
A. upward sloping.
B. backward bending.
C. vertical.
D. horizontal.
Answer: A
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An assumption used in the quantity theory of money is that
A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.
Why do our political leaders favor exports of U.S. goods and "buy American" policies?
What will be an ideal response?
Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City
This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower B) higher; lower C) lower; higher D) higher; higher
An increase in demand will lead to a decrease in supply in the long run.
Answer the following statement true (T) or false (F)