Labour Market Equilibrium

Q.

What is the meaning of the proverb money makes the mare go answer in short.

Q.

What is marketable surplus

Q.
In case of Giffen goods, the income effect is higher than the substitution effect.

1. true
2. false

Q. "The supply curve of labour is an exception to the law of supply". Justify the statement, using a diagram.

Q. Marginal Rate of substitution is the ______________________.

1. None of the above
2. Willingness of consumer to pay for one good in terms of another.
3. Willingness of consumer to pay for one good in monetary terms.
4. Willingness of consumer to pay for one good in terms of gold.

Q. Why do you think Gopi didn’t get anything for his mother?

Q. In economics substitution effect ______________

1. Both
2. Isolates the effect of change in relative prices holding real income constant
3. Isolate the effect of change in income effect holding prices constant
4. None