When the Fed lowers the legal reserve requirement, the money supply contracts

If my wage rate increases, utility maximization requires that my quantity of labor supplied

a. increase b. decrease c. increase if the income effect dominates the substitution effect d. increase if the substitution effect dominates the income effect e. increase if the substitution effect equals the income effect

Which of the following statements would be represented by a backward-bending labor supply curve?

a. A $50,000-a-year professor works more hours than a $20,000-a-year professor. b. The CEO of a major computer manufacturer works more hours than the union workers. c. The owners of a successful business work fewer days than do their employees. d. Hospital janitors work fewer hours than does the chief of obstetrics. e. High-ranking executives are more likely to work past 5:00 p.m. than are middle managers.