Which of the following statements is true?
a. Leisure only includes the time that a person spends socializing.
b. Standing in a queue at a bank is not considered leisure.
c. If someone enjoys his or her job, then the time he or she spends at work is considered leisure.
d. Leisure will always decrease as a person's wage increases.
e. Leisure includes the time that a person spends away from a paying job, regardless of how this time is spent.
e
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Paul Romer's theory of economic growth differs from traditional theories in that
A) Romer argues an investment-knowledge cycle can exist, but requires constant increases in investment rates, while traditional theories argue that investment rates can be constant. B) Romer argues that investment in human capital always occurs before investment in physical capital, while traditional theories emphasize the priority of physical capital. C) Romer argues an investment-knowledge cycle allows a one-time increase in investment to permanently increase a country's growth rate, while traditional theory argued such an investment would have only a short-term effect. D) Romer argues that investment in capital goods is not important in encouraging growth while investment in human capital is, whereas traditional theorists emphasize both human and physical capital.
Unemployment compensation payments:
a. rise during a recession and thus reduce the severity of the recession. b. rise during a recession and thus increase the severity of the recession. c. rise during inflationary episodes and thus reduce the severity of the inflation. d. fall during a recession and thus increase the severity of the recession.
In the rational expectations model, only unexpected or unpredictable changes cause unemployment to deviate from its natural rate
a. True b. False Indicate whether the statement is true or false
Suppose that in 2020 the average citizen's federal tax bill is $12,466, and total federal spending is $10,824 per person. In 2020, the federal government will have
a. a budget surplus. b. a budget deficit. c. horizontal equity. d. vertical equity.