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Author Question: If the wealth effect of an increase in the real wage was greater than the substitution effect of an ... (Read 97 times)

anshika

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  • Posts: 510
on: Jun 30, 2018
If the wealth effect of an increase in the real wage was greater than the substitution effect of an increase in the real wage
 
  a. the labor supply curve would slope upward.
  b. the labor supply curve would slope downward.
  c. the labor supply curve would be vertical.
  d. the labor demand curve would solely determine the real wage.

Question 2

A decrease in the price level, holding the nominal money supply constant, will shift the LM curve
 
  a. upward and to the right.
  b. downward and to the left.
  c. downward and to the right.
  d. upward and to the left.


6ana001

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

A


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