If leisure is a normal good, an increase in the wage ?

A. will always increase the quantity of labor supplied
B. will increase the amount of labor supplied if the substitution effect outweighs the income effect
C. will increase the amount of labor supplied if the income effect outweighs the substitution effect
D. will always decrease the amount of labor supplied

One of the benefits of putting resources into agricultural projects is that ?

A. Successful agricultural projects produce surplus food to support urban development
B. agricultural investment will prevent the flight of capital abroad
C. agricultural projects usually have low import requirements
D. export prices for agricultural products are more stable than those for industrial products

What is the cost effective ?

A. Cheap things
B. Substandard things
C. Economical in terms of the goods or services received for the money spent
D. Free in terms of the goods or services received for the money spent

An increase in income will ?

A. Lead to a movement along the demand curve
B. Shift the supply curve
C. Shift the demand curve
D. Lead to an extension of demand

If a product is a vablen good ?

A. Demand is inversely related to income
B. Demand is inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes

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