During the Past Year,Teddy Had a Part-Time Job at Which

question 105

Multiple Choice

During the past year,Teddy had a part-time job at which he is willing to work 30 hours each week.During Teddy's annual review,his boss grants him an 8 percent increase in his wage.As a result of the wage increase,Teddy is now willing to work 25 hours each week.Teddy's opportunity cost of ________ has risen and for Teddy the substitution effect of the wage hike is ________ the income effect.

• A)leisure;less than
• B)leisure;more than
• C)labour;less than
• D)labour;more than
• E)leisure;equal to

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Definitions:

Wealthy Gentry

A class of wealthy landowners who typically held significant social, economic, and political power in their regions.

House of Burgesses

The first legislative assembly of elected representatives in North America, established by the Virginia Company in what is now the United States.

Landed Gentry

A traditionally British social class consisting of landowners who could live entirely from rental income, often involved in the rural community and holding a significant social status.

British Goods

Products manufactured in Britain, ranging from industrial goods to cultural items, and historically significant in global trade.