The shortened work week coupled with rising hourly wages in the U.S. economy shows that
a. the income effect has been dominant.
b. the substitution effect does not exist at all.
c. the U.S. worker is no longer productive.
d. workers have become increasingly lazy.
a
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According to economic theory, a person
A) wants to advance his or her own interests and will try to do it rationally. B) would not generate negative externalities if one has a properly-developed social conscience. C) acts in a profit-seeking way in the market process and in a social-seeking way in government processes. D) necessarily behaves as an individualist in markets and as a socialist in government.
When it comes to choosing an policy instrument, both the ________ rate and ________ aggregates are measured accurately and are available daily with almost no delay
A) three-month T-bill; monetary B) three-month T-bill; reserve C) federal funds; monetary D) federal funds; reserve