The European Union became an economic union with the implementation of which treaty?

A rise in the price level ________ the buying power of money and ________ the quantity of real GDP demanded

A) does not affect; does not change B) raises; decreases C) does not affect; increases D) lowers; decreases E) lowers; increases

The labor supply curve is backward bending because

A) as the wage rate rises, the substitution effect becomes larger than the income effect. B) as the wage rate rises, the income effect becomes larger than the substitution effect. C) an increase in the wage rate shifts the supply of labor curve leftward at higher wages. D) an increase in the wage rate shifts the supply of labor curve rightward at higher wages.