The income effect means that at a high enough wage rate labor supply curve has a
A) positive slope because an increase in the wage rate increases income.
B) positive slope because an increase in income increases the demand for leisure.
C) negative slope because an increase in income increases the demand for leisure.
D) negative slope because an increase in the wage rate increases hours worked to earn more income.
C
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Studying the determination of prices in individual markets is primarily a concern of
A) positive economics. B) negative economics. C) macroeconomics. D) microeconomics.
The unemployment rate reported by the Bureau of Labor Statistics includes all of the following type of unemployment with the exception of
A) frictional unemployment. B) structural unemployment. C) hidden unemployment. D) cyclical unemployment.
The sum of all the individual supply curves for a product is called
a. total supply. b. market supply. c. aggregate supply. d. total output.
Which of the following is not true of Keynesian macroeconomics?
A. Focuses on the short run B. Concerns depressions and unemployment C. Says that aggregate demand affects depressions/recessions D. Concerns inflation control E. Concerns gov't fiscal policy