What is influenced by the substitution effect?
a. marginal resource cost
b. marginal revenue productivity
c. individual labor supply curve
d. downward sloping demand curve
c. individual labor supply curve
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According to the rational expectations hypothesis, the attempt by the government to reduce unemployment below its natural rate through expansionary policies will
A) succeed in the short run and can succeed in the long run as long as the government makes it clear what its goals are. B) succeed because the government knows how people will react to their policies and will adjust their policies accordingly. C) fail because people will figure out what the government is doing and alter their expectations and their behavior in ways that counteract the government policy. D) fail because the economy can never achieve an unemployment rate below the natural level.
Discuss the major programs to combat poverty and evaluate them on the basis of work incentives
The basic way that one piece of land differs from another is in its _________________.
Fill in the blank(s) with the appropriate word(s).
Suppose that the introduction of computers increases the productivity of workers in the developed world. What you would expect wages to do?
a. Rise mainly in the developed countries. b. Rise mainly in the developing countries. c. Fall mainly in the developed countries. d. Fall mainly in the developing countries.