A backward-bending labor supply curve implies that
A) the substitution effect dominates the income effect at higher wage rates but not at lower wage rates.
B) the substitution effect dominates the income effect at lower wage rates but not at higher wage rates.
C) leisure is an inferior good.
D) workers are irrational.
B
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Which of the following is a transactions account?
a. Currency b. Travelers' checks c. A savings account d. A credit card balance e. A demand deposit
Which of the following is true?
A) Voters have a strong incentive to make well-informed choices when voting in state and federal elections. B) Policies favored by a majority will assure that resources are allocated efficiently. C) The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices. D) Political action is based on voluntary exchange and mutual agreement.
An industry with a concentration ratio of 80 would have at least ____ firms.
A. 2 B. 3 C. 4 D. 5
If per capita GDP were distributed across the United States, each individual would receive:
A. Their current income divided by the U.S. population. B. The market value of final goods and services produced in the U.S. per year. C. The value of total world output divided by the population. D. The market value of final goods and services produced in the U.S. per year divided by the population.