The Substitution Effect Shows That When the Wage Rate Increases

question 30

Multiple Choice

The substitution effect shows that when the wage rate increases

• A) an additional hour of labor is not worth pursuing.
• B) an additional hour of leisure is now less costly in terms of foregone consumption.
• C) an additional hour of leisure is now more expensive in terms of foregone consumption.
• D) there will be intertemporal substitution.

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Definitions:

Electrophoresis

A laboratory technique used to separate DNA, RNA, or protein molecules based on their size and electrical charge.

Nucleic Acid Probe

A nucleic acid probe is a segment of DNA or RNA labeled with a radioactive or fluorescent marker used to detect the presence of complementary sequences in DNA or RNA samples by hybridization.

Western Blot

A technique in which proteins, previously separated by gel electrophoresis, are transferred to paper. A specific labeled antibody is generally used to mark the location of a particular protein. Compare with Southern blot and Northern blot.

Bt Crops

Genetically modified crops that express toxins from the bacterium Bacillus thuringiensis, which are lethal to certain insect pests.