Distinguish between the money and non-money costs parents face when raising a child. Money costs might include ______, whereas non-money costs might include ______.
a. center-based child care fees; hiring a babysitter at home
b. redecorating the child’s room; making mortgage payments
c. playing yard games with the child; buying sports equipment
d. tuition for music lessons; volunteering in the child’s classroom
d. tuition for music lessons; volunteering in the child’s classroom
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Both Keynesians and real business cycle proponents believe that tax cuts increase output
a. and both agree it does this through increasing aggregate demand. b. but Keynesians believe it does this through increasing aggregate demand and not aggregate supply. c. but Keynesians believe it does this through increasing aggregate supply and not aggregate demand. d. and both agree it does this through increasing aggregate supply.
Given the information in Scenario 14.1, how much labor will be hired to maximize profit?
A) 1/16 B) 1/2 C) 1 D) 4
When a perfectly competitive firm experiences positive economic profits
A) the high barriers to entry prevent further competition. B) existing firms exit the industry. C) additional firms enter the industry. D) firms have no incentive to exit or enter the industry.
If two goods are complementary, a(n)
a. decrease in the price of one good will cause a decrease in the demand for the other b. decrease in the price of one good will cause an increase in the demand for the other c. increase in the price of one good will cause an increase in the supply of the other d. increase in the price of one good will cause a decrease in the supply of the other e. increase in the price of one good will cause an increase in the demand for the other