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Chayim Has Been Writing His Term Paper in the Library

question 81

Multiple Choice

Chayim has been writing his term paper in the library for almost 12 hours. He is getting very lonely and he calls a friend to ask him to go to dinner. Chayim's loneliness is a(n) ____________ and calling his friend is a(n) ____________.


Definitions:

Wage Increase

An upward adjustment in the amount of money that workers are paid per hour, day, or work performed.

Labor Supply

The total hours that workers wish to work at a given wage rate.

Leisure

Time free from work or duties, which can be used for relaxation, recreation, or personal activities that one enjoys.

Income Effect

The adjustment in income of an individual or an economic system, and its effect on how much of a good or service is demanded.

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