When wages increase, the income effect
a. increases the quantity of labor supplied
b. increases the supply of labor
c. decreases the quantity of labor supplied
d. decreases the supply of labor.
c
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Which of the following items are considered physical capital?
I. shares of Ford stock traded on the New York Stock Exchange II. the Taco Bell store nearest you III. the rental cars owned by Hertz Rental-A-Car IV. the salaries paid to Intel executives A) II and III B) I and IV C) I, II and III D) I, II and IV
A straight line tangent to a curved line at a point
a. crosses the curved line at that point b. crosses the curved line at many points c. has the same slope as the curved line at that point d. is steeper than the curve at all other points e. has a smaller slope than all other points on the curve
In order for something to function as money, it must act as a
What will be an ideal response?
If a decrease in the price of good X results in a decrease in the quantity of Y demanded:
A. good X and good Y are substitutes. B. good X and good Y are complements. C. the cross-price elasticity of demand for good Y is negative. D. There is not sufficient information to determine the relationship between good X and good Y.