If the substitution effect of a wage change outweighs the income effect of a wage change, the labor-supply curve is
A. horizontal.
B. upward sloping.
C. backward bending.
D. vertical.
Answer: B
You might also like to view...
Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. Billie faces ________ opportunity costs in the production of pillows and blankets
A) negative B) constant C) decreasing D) increasing
In economics, the term "scarcity" refers to the fact that
a. everything really worthwhile costs money. b. even in wealthy countries like the United States, some people are poor. c. no society can produce enough to satisfy fully the desires of people for goods and services. d. sometimes shortages of a good arise when its price is set below the market equilibrium.
The national income accounts include a value for the amount of capital stock “used up” during the production of current output. This dollar amount is called
A. appreciation. B. dollarization. C. amortization. D. depreciation.
Historically, controlling who was able to vote was an important tool:
A. to attract greater participation in the political system. B. for those who wanted to keep other groups out of power. C. to discourage some from participating in policy making. D. for those seeking to create policy that was beneficial for all.