Income Effect of Lowering Wages Implies

question 206

Multiple Choice

Income effect of lowering wages implies

• A)workers prefer leisure to work.
• B)an increase in the productivity of labor.
• C)a fall in the demand for labor.
• D)workers would want to work more.

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Definitions:

Forum Non Conveniens

A doctrine allowing courts to dismiss a case when another court, or forum, is significantly more appropriate to hear the case.

Exercise Jurisdiction

The act of applying or enforcing legal authority over a particular area, group, or issue.

More Convenient Forum

A legal doctrine allowing courts to transfer a case to a jurisdiction that is more suited for all parties involved or for the witnesses.

Lex Mercatoria

A body of commercial law and customs used by merchants throughout Europe during the medieval period, which still influences international trade law today.