At relatively low wage rates the ____________ outweighs the ____________.
A. income effect; substitution effect
B. substitution effect; income effect
C. marginal revenue product; resource demand
D. None of these choices are correct.
B. substitution effect; income effect
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Refer to the scenario above. What is Sarah's opportunity cost of producing one earring?
A) 0.33 greeting cards B) 1 greeting card C) 1.45 greeting cards D) 3 greeting cards
Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Iceland?
A) 2/3 of a popsicle B) 3/4 of a popsicle C) 1 1/2 popsicles D) 180 popsicles
Labor unions that consist of workers from a particular industry, such as automobile manufacturing, are called
A) craft unions. B) industrial unions. C) collective unions. D) closed unions.
Figure 9-4
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In Figure 9-4, which expenditure level will result in a recessionary gap?
A. 1 B. 2 C. 3 D. There will be no deflationary gap.