Which statement is false?
A. The substitution effect means that you trade away leisure time for more money.
B. The income effect means that you trade away some money for more leisure time.
C. Both statements are true.
C. Both statements are true.
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Suppose that we interpret N as the "effective" labor supply. A "labor-augmenting" technological improvement, when graphed in the Solow growth model, causes (Y/N) to ________ and real GDP per person to ________
A) rise, rise B) rise, fall C) fall, rise D) fall, fall E) fall, remain unchanged
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.
Excess reserves equal total reserves plus required reserves
Indicate whether the statement is true or false
Table 14.2In Table 14.2, Market 2 would be in equilibrium if buyers believed lemons account for:
A. 55% of the market. B. 65% of the market. C. 70% of the market. D. 80% of the market.