When leisure is a normal good, the income effect from a decrease in wages is evident in
a. a desire to consume more leisure.
b. a desire to consume less leisure.
c. an upward-sloping labor-supply curve.
d. a shift in labor demand.
b
Economics
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The Coase theorem is the proposition that if property rights exist and are enforced, private transactions are
A) inefficient. B) efficient. C) inequitable. D) illegal. E) unnecessary.
Economics
An aggregate supply curve depicts the relationship between
A) the price level and the quantity of nominal GDP supplied. B) household expenditures and household income. C) the price level and the quantity of real GDP supplied. D) the money wage rate and the quantity of real GDP supplied.
Economics