Katie wins $3 million in her state's lottery. If Katie drastically reduces the number of hours she works after she wins the money, we can infer that the income effect is larger than the substitution effect for her

For a profit-maximizing competitive firm, the value of marginal product curve is

a. always rising. b. falling only when marginal product is rising. c. the labor supply curve. d. the labor demand curve.

According to economist Milton Friedman (1912-2006), the source of instability in the economy could be thought of as a:

A. baseball manager (the Fed) that removes his starting pitcher too soon and sees a five-run lead evaporate in a single inning. B. duck hunter (the Fed) who starts shooting at ducks well before they fly over. C. a camp councilor (the Fed) who is wearing a baseball cap that has two bills and says, "I am the leader; which way did they go?" D. backseat car passenger (the Fed) who occasionally leans over the front seat and abruptly