The opportunity cost of working is the amount of leisure time that must be given up in order to work.
Answer the following statement true (T) or false (F)
True
Higher wage rates are required to compensate for the increasing opportunity cost of labor, which is the leisure time given up to work.
Economics
You might also like to view...
A drug dealer earned $85,000 during a year by selling illegal drugs. His income will:
A) cause the GDP of his country to increase. B) not affect the calculation of his country's GDP. C) cause the GDP of his country to decrease. D) lead to an increase in his country's exports.
Economics
M2 includes
A) large-denomination time deposits. B) institutional MMMFs. C) commercial paper. D) M1.
Economics