Multiple Choice
Which of the following is TRUE of a change in nonlabor income?
A) There is no substitution effect because a change in nonlabor income does not change the trade-off between work and leisure.
B) There is no income effect because a change in nonlabor income does not change the trade-off between work and leisure.
C) There is no substitution effect because a change in nonlabor income does not change a household's permanent income.
D) There is no income effect because a change in nonlabor income does not change a household's permanent income.
Correct Answer:
Verified
Correct Answer:
Verified
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