In making labor supply decisions, households weigh
A. the market wage against the value of their marginal product of labor.
B. child care costs.
C. the market wage against the value of market produced goods.
D. the market wage against the value of leisure and time spent in unpaid household production.
Answer: D
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Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
In the production function, Y=AF(K,N) variable A is
A. total factor productivity B. marginal output of labor C. the x-factor D. a measure of unemployment
Temporary monopolies via the provision of sole ownership rights to profit from the production, use, or sale of a good are provided by:
A. profit-maximizing behavior. B. network externalities. C. patents and copyrights. D. natural monopolies.
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness.