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treetreee treetreee
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5 years ago

Question 1.

Jenny's hourly wage rate was increased from $17 to $21. As a result of the wage increase, Jenny desires to work fewer hours and take more hours of leisure. For Jenny



▸ the income effect must be zero.

▸ the substitution effect dominates the income effect.

▸ the income effect dominates the substitution effect.

▸ the substitution effect must equal the income effect.

Question 2.

Todd's nominal wage increased by 5%, and the prices of goods that Todd buys increased by 3%. Todd's real wage has



▸ increased.

▸ remained constant.

▸ decreased.

▸ changed by 8%.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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shawntageshawntage
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5 years ago
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