A rational consumer maximizes utility by allocating time such that the expected net marginal utility of the last hour spent in leisure exceeds the expected net marginal utility of the last hour spent in market work

If you travel through the western United States in the summer, you are much more likely to encounter a shortage of camping spaces than a shortage of motel rooms because

A) camping sites are usually less expensive than motel rooms. B) motels are more often privately owned. C) the government has not provided as many camping spaces as the public wants. D) there are more motel rooms than camping spaces. E) vacationers in the summer display a greater demand for outdoor than for indoor sleeping sites.

The largest component of GDP in the expenditure approach is

A) personal consumption expenditures. B) gross private domestic investment. C) government expenditure on goods and services. D) net exports.