Question
1.The income effect for labor supply implies that the labor supply curve is positively sloped - the higher the wage, the higher the labor supply.
1.The income effect for labor supply implies that the labor supply curve is positively sloped - the higher the wage, the higher the labor supply.
True
False
2.For a borrower, the income and substitution effects from a change in the real rate of interest work in opposite directions.
True
False
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Survey of Economics
Authors: Irvin B. Tucker
8th edition
1111989664, 978-1133713357, 1133713351, 978-1111989668
