If Chad's labor-supply curve is upward-sloping, then, for Chad,
a. an increase in the wage creates an income effect that is greater than the substitution effect.
b. an increase in the wage creates a substitution effect that is greater than the income effect.
c. leisure and consumption are perfect substitutes.
d. leisure and consumption are perfect complements.
b
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Refer to the following graphs to answer the question below.
Select the graph above that best shows the changes in demand and supply in the market for music CDs sold in stores, if more consumers switch to music-downloads from the Internet, and the cost of making music CDs decreases because of technological improvement in production.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
For a decade after the Land Ordinance of 1785, pioneering in parts of the Northwest Territory was restricted by all of the following except
a. Indian troubles b. French interference c. English interference d. high prices of land
In the short run the firm has no more than one fixed input
a. True b. False Indicate whether the statement is true or false
A Keynesian economist would propose strong actions to prevent or reduce inflation
a. True b. False Indicate whether the statement is true or false