Economic Studies of Lottery Winners and People Who Have Inherited

question 42

Multiple Choice

Economic studies of lottery winners and people who have inherited large amounts of money show that

• A)the income effect of winning the lottery or inheriting large amounts of money likely outweighs the substitution effect for most people.
• B)the substitution effect of winning the lottery or inheriting large amounts of money likely outweighs the income effect for most people.
• C)most people view leisure as an inferior good.
• D)most people's labor supply is unaffected by changes in wealth.

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Definitions:

Anecdotal Record

A narrative account of a specific incident or event concerning an individual's behavior, often used in educational or psychological contexts to gather qualitative data.

Personnel File

A collection of records kept by an employer that contains information related to an employee’s personal and employment history.

Biographical Data Inventory

A type of assessment tool that uses details from a person's life history to predict behavior and performance.

Late To Work

Circumstances or incidences where an employee arrives after the scheduled time to begin work, which can affect performance evaluations and job security.