A ________ model of the household assumes that a family maximizes its happiness under a budget constraint that pools all of its income, wealth, and time
A) unitary
B) secondary
C) tertiary
D) primary
A
You might also like to view...
A perfectly competitive firm may, under some circumstances, be able to affect the market price.
Answer the following statement true (T) or false (F)
The wage rate. is the price of a unit of labor. What happens to the supply of labor if the wage rate increases?
A. It increases. B. It decreases. C. It does not change. D. Uncertain-economic theory has no answer to this question.
When property rights are clearly defined and enforced, private owners will
a. use their property for selfish ends because they have little or no incentive to consider the desires of others. b. develop and direct their property toward uses that others value highly because the market will generally reward them for doing so. c. have little or no incentive to take care of their property or conserve it for the future. d. be unable to derive personal gain if they are sensitive to the desires of others when deciding how to use their property.
It is claimed that mutual funds have two advantages. The first is that mutual funds allow people with small amounts of money to diversify. The second is that mutual funds provide the skills of professional money managers who buy stocks they believe will be the most profitable and thereby increase the return that mutual fund depositors earn on their savings
a. Economists strongly agree with both claims. b. Economists are skeptical of both claims. c. Economists are skeptical of the first claim, but strongly agree with the second. d. Economists strongly agree with the first claim, but are skeptical of the second.