Explain carefully the opportunity costs of a mother's time, what may lead these to change over time, and what effects these changes have on family decisions
What will be an ideal response?
An increase in earning opportunities outside the home may lead the family to substitute child quality and consumption of other goods and services for quantity of children.
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In the United States, the incidence of poverty has declined since the 1970s
a. True b. False Indicate whether the statement is true or false
If the interest rate on saving is 5 percent per period, then the true opportunity cost of being paid $100 next period instead of this period is
A. $5. B. $105. C. less than $5 if people suffer from a “defective telescopic faculty.” D. more than $5 if people suffer from a “defective telescopic faculty.”
When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all
a. rely upon the government to provide us with the basic necessities of life. b. rely upon one another for the goods and services we consume. c. have similar tastes and abilities. d. are concerned about one another's well-being.
To close a recessionary gap using fiscal policy, the government can:
A. increase government spending by the size of the gap. B. decrease government spending by the size of the gap. C. increase government spending by more than the size of the gap. D. increase government spending by less than the size of the gap.