The intertemporal substitution of leisure effect is used to justify the assumption that current labor supply increases when the

If a good is income inelastic what does this imply would happen to consumption of this good if you were to win the lottery?

What will be an ideal response?

Suppose an economy experiences an increase in technological progress. This increase in technological progress will

A) allow more output to be produced with the same number of workers. B) allow the same amount of output to be produced with fewer workers. C) lead to changes in the types of goods produced. D) all of the above E) none of the above