The substitution effect is basically a trade-off between
A. work time and leisure time.
B. the primary labor market and the secondary labor market.
C. years of education and level of income.
D. homogeneous jobs and non-homogeneous jobs.
A. work time and leisure time.
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The process of specialization and exchange allows a producer to become
a. proficient in one or a few areas of production. b. proficient in all areas of production. c. self-sufficient. d. independent.
The effect on the market for heating oil of a leftward shift of supply would be
A. a shortage of heating oil. B. a surplus of heating oil. C. a decrease in the quantity of heating oil sold and in its price. D. an increase in the price of heating oil and a decrease in the quantity sold.
CAFTA governs
A. trade between California and the rest of the U.S. B. trade between the U.S., Canada, and Central America. C. agricultural trade only. D. health food products.
Investment income is part of the capital account of the balance of payments.
Answer the following statement true (T) or false (F)