The substitution effect of a decrease in the wage rate causes the quantity of labor supplied to
a. increase
b. increase only if the individual desires more leisure time
c. increase only if the substitution effect outweighs the income effect
d. decrease
e. decrease only if the individual lowers the value of leisure time
D
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When you set aside the money you have today in order to purchase goods and services later on, you are using money as a
A) store of value. B) medium of exchange. C) standard of deferred payment. D) unit of accounting.
Refer to Figure 18.1. After trade begins, ________ will specialize in the production of bicycles and ________ will specialize in the production of hang gliders
A) the United States; Canada B) the United States.; the United States C) Canada; Canada D) Canada; the United States
The person most closely associated with a conservative theory of poverty is
A. Charles Murray. B. William Julius Wilson. C. Frances Fox Piven. D. Barbara Ehrenreich.
Which of the following is not a cost per unit produced?
a) Total cost; b) Marginal cost; c) Average variable cost; d) Both (a) and (b) are not unit costs.