As a factor of production, oil reserves are counted as

Explain what is meant by the terms "labor force," "unemployment rate," and "labor force participation rate."

What will be an ideal response?

If Joe receives an increase in his wage rate and decides to decrease his hours worked, the

A) substitution effect and the income effect must be equal. B) substitution effect must exceed the income effect. C) income effect must exceed the substitution effect. D) substitution effect must be zero.