The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied.
A. homogeneous labor supply effect
B. substitution effect
C. income effect
D. negative correlation effect
Answer: B
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The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. This means that
A) total income in 2015 was around $17.3 trillion. B) total spending in 2015 was around $17.3 trillion. C) the value of output in 2015 was around $17.3 trillion. D) all of the above are true.
Which of the following is an amendment that strengthened the Sherman Antitrust Act?
a. Celler Kefauver Act. b. Clayton Act. c. Robinson-Patman Act. d. Tyler Act.
First and foremost, a market consists of
a. substitute goods b. complementary goods c. goods produced by the same firm d. goods produced with the same inputs e. goods that serve dissimilar purposes, which is why they are grouped
c. They save consumers time and mental processing power.
a. irrational b. lack of c. marginal d. total