The Substitution Effect Makes Workers Want to Work Less When

question 152

True/False

The substitution effect makes workers want to work less when the wage increases.

---

Definitions:

National Income

The total amount of money earned within a country from the production of goods and services over a specific period of time.

National Debt

The cumulative sum of funds that a nation's government owes, often acquired by issuing bonds.

GDP

The GDP is the comprehensive market valuation of all end products and services made within a nation's borders during a certain period.

Federal Budget Deficits

The financial situation occurring when a government spends more money than it receives in income, typically measured over a fiscal year.