Which of the following is an illustration of the backward-bending supply curve?
a. Alex Maxwell is cutting down on the number of hours he works a week because the wage rate he receives has increased
b. Tim Duncan's wage rate is so high that he cannot stop working (playing professional basketball) even though he would like to retire.
c. The more Patrick Roy works, the higher is his opportunity cost.
d. Steve Hymer quits work because he feels that the employer is paying him a wage rate below his MRP.
e. Unskilled workers who do hard (back bending) work earn wages that are considerably below average.
A
You might also like to view...
Which of the following are accurate arguments suggesting that the fiscal stimulus did work?
a. Real GDP growth moved from negative to positive in 2009. b. Employment increased in 2009. c. The economy has natural self-correcting mechanisms. d. The return on bailout assets reduced the deficit.
The correct chain of causation illustrating the changes caused by monetary policy is
a. money, interest rates, C + I + G + (X ? IM), I. b. money, interest rates, I, C + I + G + (X ? IM). c. C + I + G + (X ? IM), I, interest rates, money. d. I, C + I + G + (X ? IM), money, interest rates.