Sometimes workers earn higher wages through chance
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following does NOT affect the long-run aggregate supply curve?
A) technology B) endowments of resources C) price level D) production possibilities curve
Marginal product equals
A) the total product produced by a certain amount of labor. B) the change in total product that results from a one-unit increase in the quantity of labor employed. C) total product divided by the quantity of labor. D) the amount of labor needed to produce an increase in production. E) total product minus the quantity of labor.
By itself, the substitution effect of an increase in the wage rate will
a. always lead to an increase in the quantity of labor supplied b. always lead to a decrease in the quantity of labor supplied c. lead to an increase in the quantity of labor supplied only if leisure is like a normal good d. lead to an increase in the quantity of labor supplied only if leisure is not a normal good e. lead to an increase in the quantity of labor supplied only if the income effect works in the same direction
On a graph showing investment along the vertical axis and income along the horizontal axis, _____
a. the investment line will be downward sloping b. the investment line will be upward sloping c. the investment line will be horizontal d. the investment line will be vertical e. the investment line will be U-shaped