If the wage rate decreases, the substitution effect is for a person to work more and the income effect is for a person to take more leisure.
Answer the following statement true (T) or false (F)
False
You might also like to view...
A science that studies the behavior and interactions of human beings, individually and in groups, is known as a(n)
a. social science. b. physical science. c. interactive science. d. dynamic science.
Which of the following might increase the supply curve of labor?
a. Increasing licensing requirements. b. Increasing discrimination against females. c. Increasing discrimination against blacks. d. All of the above. e. None of the above.
Most real world economies are mixed economies
a. True b. False Indicate whether the statement is true or false
Some countries have negative nominal interest rates. Which of the following statements about this situation is not true?
A) A saver or lender will get back less than the amount she invested. B) This is mostly a result of deliberate central bank policies. C) Consumers are expected to save more and consume less. D) Consumers are expected to borrow more and spend more.