For the Past Year, Teddy Has Had a Part-Time Job

question 143

Multiple Choice

For the past year, Teddy has had a part-time job at which he is willing to work 10 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 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect.

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

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Definitions:

SPSS Output

Indicates the results generated by the Statistical Package for the Social Sciences (SPSS), used for analyzing and managing statistical data.

Wilcoxon Signed Rank Test

Utilized for comparing two related samples to determine if there are significant differences between their population mean ranks, especially when the population cannot be assumed to be normally distributed.

Null Hypothesis

The presumption of no significant difference or association in a set of data, serving as a default position in hypothesis testing until evidence suggests otherwise.

Aluminum Concentrations

The measured levels of aluminum in a given sample or environment.