The labor supply curve is backward bending because at higher wages the income effect eventually dominates the substitution effect
Indicate whether the statement is true or false
TRUE
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The demand for money increases and the demand curve for money shifts rightward as a result of
A) an increase in real GDP. B) a decrease in the price level. C) a decrease in the nominal interest rate. D) an increase in the use of credit cards. E) a decrease in the real interest rate.
According to ______, elections are events in which citizens choose representatives from as wide a range of social groups as possible?
A. the consensus vision of democracy B. the majoritarian vision of democracy C. substantive representation D. symbolic representation
Which of the following would be considered income in kind?
A) tax refunds B) food stamps C) yard sales D) reduction in the tax rates
Which of the following will cause a shift in the demand curve of labor?
A) an increase or decrease in the productivity of labor B) an increase or decrease in the demand for the product labor produces C) a decline in the price of a complementary input D) all of the above