The term substitution effect refers to the level of satisfaction or pleasure that people receive from their choices
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question.WorkersTotal Output per DayPrice of Good210$103151041910522106241072510What is the marginal revenue product of the fifth worker?
A. $40 B. $30 C. $20 D. $10
Which of the following will shift the aggregate demand curve to the left?
A. Foreign economies fall into recession, reducing their demand for domestic exports. B. Consumers become optimistic about the future. C. The government increases spending on education. D. Income taxes are lowered.
If inflation turns out to be higher than was anticipated,
A) debtors are helped. B) debtors are hurt. C) debtors are neither helped nor hurt. D) The effect on debtors cannot be predicted.
Suppose the marginal product of labor is MPN = 200 - 0.5Nwhere N is aggregate employment. The aggregate quantity of labor supplied is 300 + 8w, where w is the real wage. What is the equilibrium real wage?
A. 5 B. 20 C. 10 D. 15