The Tendency of Workers to Supply More Labor in Response

question 1

Multiple Choice

The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied.

• A)homogeneous labor supply effect
• B)negative correlation effect
• C)income effect
• D)substitution effect

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Definitions:

Mother Country

A term referring to the country of origin for settlers or colonizers of a territory, or more broadly, to a country considered as the origin in a colonial or ancestral relationship.

Raw Materials

Basic, unprocessed resources used in the production of goods and services, such as minerals, forest products, and agricultural items.

Indentured Servitude

A labor system where people paid for their passage to the New World by working for an employer for a fixed term of years.

Enslaved Labor

The forced work that individuals must perform without consent and for no pay, often under threat of punishment.