According to the economic theory of labor markets, under what conditions will an individual spend time in nonmarket work?
a. When the utility from leisure exceeds the net utility from work.
b. When the net utility from market work exceeds the net utility from nonmarket work.
c. When the market can produce goods and services more cheaply than the individual.
d. When the individual can produce goods and services more cheaply than the market can.
d
You might also like to view...
Which of the following statements is true?
A. Current account balance = -(capital account balance). B. A country's balance on current account equals its balance on capital account. C. If the market for a nation's currency is in equilibrium, a capital account surplus necessarily means a current account surplus. D. Capital accounts and current accounts balances are determined by governments.
In what sense is "austerity" an inevitable result of structural adjustment?
What will be an ideal response?