For the Past Year, Ted Has Had a Part- Time

question 74

Multiple Choice

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

• A) work; greater
• B) leisure; less
• C) work; less
• D) leisure; greater

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Definitions:

Calorie Restriction

The practice of reducing calorie intake without malnutrition, often to slow down aging and extend lifespan.

Very Low-Calorie Diet

A diet that severely restricts daily calorie intake to promote rapid weight loss, typically consisting of 800 calories or less per day.

Posttreatment Sessions

Meetings or sessions that occur after the completion of a primary treatment regimen to monitor recovery and prevent relapse.

Low-Calorie Diet

A dietary regimen that restricts calorie intake, typically to promote weight loss or improve health.