The payment received by suppliers of entrepreneurial skills is called interest
Indicate whether the statement is true or false
FALSE
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What is the substitution effect of a wage increase? What is the income effect of a wage increase? Under what conditions will a worker's labor supply curve become downward sloping?
What will be an ideal response?
In an effort to balance the federal budget, an increase in Social Security taxes is passed. What is the most likely effect of this on equilibrium GDP?
A. GDP will increase. B. GDP will decrease. C. GDP will not change but prices will rise. D. GDP will not change but employment will increase.
Figure 4.4 illustrates the supply of tacos. An increase in the supply of tacos is represented by a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.
An effective price floor must be set
A. above the equilibrium price. B. either at or below the equilibrium price. C. below the equilibrium price. D. at the equilibrium price.