A higher wage raises a worker's income, increasing the demand for all ________ goods, including leisure, so the quantity of labor supplied to market work decreases
a. inferior
b. substitute
c. normal
d. complementary
c
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The Romer and Solow models reach the same conclusion with respect to ________
A) output growth in the long-run B) the impact of changing population C) the effect of an increase in the saving rate D) the general level of prices
Arbitrage
a. Is the act of to buying low in one market and selling high in another market b. Can force a seller to go back to uniform pricing c. Can offset the benefits of direct price discrimination d. All of the above
Economists usually suggest that the best way to examine the deficit is by expressing it:
A. as a percentage of GDP. B. in real terms. C. in nominal terms. D. None of these is true.
In 1973, ____ out of 7 Americans worked in manufacturing, but by 1996, just ____ in 7 did.
Fill in the blank(s) with the appropriate word(s).