An increase in unearned income always creates a disincentive to work
Indicate whether the statement is true or false
False. The effect on labor supply will also depend on the individual's preferences towards work (leisure).
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To calculate GDP it is necessary to add up the market value of all the ________ produced within a country during a year
A) intermediate goods and services produced and all the final goods and services produced B) intermediate goods and services produced C) goods but not services produced D) final goods and services produced E) goods and services produced
Refer to the scenario above. In this game, the dominant strategy equilibrium occurs if ________
A) Firm A chooses Strategy Y, and Firm B chooses Strategy X B) Firm B chooses Strategy Y, and Firm B chooses Strategy X C) Both Firm A and Firm B choose Strategy X D) Both Firm A and Firm B choose Strategy Y
When a firm is considered to be a "price taker" that means that the firm
A) can charge any price that it wants to charge, that is, "take" any price it wants. B) pays a fixed price for all of its inputs. C) will accept ("take") the lowest price that its customers offer. D) cannot influence the market price of the good that it sells.
If an effective minimum wage is set,
a. a labor surplus is created. b. a labor shortage results. c. wages fall below the market wage. d. the level of employment rises.