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Author Question: With respect to labor supply, the substitution effect takes account of the point that at higher wage ... (Read 136 times)

Tazate

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on: Jun 29, 2018
With respect to labor supply, the substitution effect takes account of the point that at higher wage rates
 
  A) a person can afford to take more leisure.
  B) leisure has become less expensive and so a person consumes less leisure.
  C) there are no factors inducing a person to work less.
  D) leisure has become more expensive and so a person consumes less leisure.

Question 2

How does an increase in real GDP affect the demand for money curve?
 
  What will be an ideal response?


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amanda_14

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

An increase in real GDP increases the demand for money and shifts the demand curve rightward.


Tazate

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

isabelt_18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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