An example of signaling is a boyfriend giving an expensive, romantic gift to his girlfriend to convey his love for her
a. True
b. False
Indicate whether the statement is true or false
True
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The labor supply curve bends backward because
A. income effects are greater than substitution effects at higher wages. B. substitution effects are greater than income effects at higher wages. C. income effects are greater than substitution effects at lower wages. D. substitution effects are greater than income effects at lower wages.
It is likely true that education produces positive externalities
a. True b. False
In principle, we can
a. ignore positive statements when choosing among various public policy alternatives. b. ignore normative statements when choosing among various public policy alternatives. c. confirm or refute positive statements by examining evidence. d. confirm or refute normative statements by examining evidence.
According to the monetarist view, the aggregate supply curve is:
A. Horizontal until full employment is reached and then it becomes vertical. B. Horizontal at all levels of output. C. Vertical at the natural rate of unemployment. D. First horizontal, then upward sloping, and finally vertical.