Economics Appendix N Ritas Time Allocation Budget Question Points Figure

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Figure: Davina‘s Labor Supply Choice

Reference: Ref 19-3

(Figure: Davina’s Labor Supply Choice) The figure Davina‘s Labor Supply Choice

shows Davina‘s time allocation budget line when her hourly wage is $10 or $15 and

she has 80 hours to allocate between labor and leisure; it also shows two of her

indifference curves for income and leisure. Davina‘s labor supply curve is ________

as her hourly wage rises from $10 to $15.

30. Multiple Choice: Figure: Davina‘s Labor Supply Choice ...

Question

Points: 0

Figure: Davina‘s Labor Supply Choice

Reference: Ref 19-3

(Figure: Davina’s Labor Supply Choice) The figure Davina’s Labor Supply Choice

shows Davina’s time allocation budget line when her hourly wage is $10 or $15 and

she has 80 hours to allocate between labor and leisure; it also shows two of her

indifference curves for income and leisure. As Davina’s hourly wage rises from $10

to $15:

31. Multiple Choice: Figure: Rita’s Time Allocation Budget…

Question

Points: 0

Figure: Rita‘s Time Allocation Budget Line

Reference: Ref 19-4

(Figure: Rita’s Time Allocation Budget Line) Look at the figure Rita’s Time

Allocation Budget Line. It is based on 80 hours available for labor and leisure. Her

hourly wage is:

32. Multiple Choice: Figure: Rita’s Time Allocation Budget…

Question

Points: 0

Figure: Rita‘s Time Allocation Budget Line

Reference: Ref 19-4

(Figure: Rita’s Time Allocation Budget Line) Look at the figure Rita’s Time

Allocation Budget Line. It is based on 80 hours available for labor and leisure. If her

hourly wage doubles, the vertical intercept will be:

33. Multiple Choice: Figure: Rita’s Time Allocation Budget…

Question

Points: 0

Figure: Rita‘s Time Allocation Budget Line

Reference: Ref 19-4

(Figure: Rita’s Time Allocation Budget Line) Look at the figure Rita’s Time

Allocation Budget Line. It is based on 80 hours available for labor and leisure. If her

hourly wage doubles, which of the following combinations of leisure and labor will

be a point on the new time allocation budget line?

34. Multiple Choice: Figure: Rita’s Time Allocation Budget…

Question

Points: 0

Figure: Rita‘s Time Allocation Budget Line

Reference: Ref 19-4

(Figure: Rita’s Time Allocation Budget Line) Look at the figure Rita’s Time

Allocation Budget Line. It is based on 80 hours available for labor and leisure. Rita

chooses 40 hours of leisure and income of $280. When her hourly wage doubles,

Rita chooses 30 hours of leisure and income of $700. The substitution effect is

making her work ________, the income effect is making her work ________, and

the substitution effect is ________ than the income effect.

35. Multiple Choice: Figure: Rita’s Time Allocation Budget…

Question

Points: 0

Figure: Rita‘s Time Allocation Budget Line

Reference: Ref 19-4

(Figure: Rita’s Time Allocation Budget Line) Look at the figure Rita’s Time

Allocation Budget Line. It is based on 80 hours available for labor and leisure. Rita

chooses 40 hours of leisure and income of $280. When her hourly wage doubles,

Rita chooses 50 hours of leisure and income of $420. The substitution effect is

making her work ________, the income effect is making her work ________, and

the substitution effect is ________ than the income effect.

36. Multiple Choice: Alex’s wage rate falls. Holding every…

Question Alex‘s wage rate falls. Holding everything else constant, this will cause Alex’s time

allocation budget line to:

Points: 0

37. Multiple Choice: Figure: Joanna‘s Time Allocation Budg...

Question Figure: Joanna‘s Time Allocation Budget Line

Reference: Ref 19-5

(Figure: Joanna‘s Time Allocation Budget Line) The figure Joanna‘s Time Allocation

Budget Line depicts what happens when she can choose how to spend 40 hours.

What is Joanna‘s wage rate?

38. Multiple Choice: Figure: Joanna‘s Time Allocation Budg...

Question

Points: 0

Figure: Joanna‘s Time Allocation Budget Line

Reference: Ref 19-5

(Figure: Joanna‘s Time Allocation Budget Line) The figure Joanna‘s Time Allocation

Budget Line depicts what happens when she can choose how to spend 40 hours.

What is the opportunity cost of an hour of leisure?

39. Multiple Choice: Figure: Joanna‘s Time Allocation Budg...

Question

Points: 0

Figure: Joanna‘s Time Allocation Budget Line

Reference: Ref 19-5

(Figure: Joanna‘s Time Allocation Budget Line) The figure Joanna‘s Time Allocation

Budget Line depicts what happens when she can choose how to spend 40 hours. If

Joanna‘s wage increases and as a result she consumes less leisure, this means

that her supply curve of labor is:

40. Multiple Choice: Figure: Joanna‘s Time Allocation Budg...

Question

Points: 0

Figure: Joanna‘s Time Allocation Budget Line

Reference: Ref 19-5

(Figure: Joanna‘s Time Allocation Budget Line) Joanna‘s Time Allocation Budget

Line depicts what happens when she can choose how to spend 40 hours. If

Joanna‘s wage rate increases and she ends up working more hours, this means

that:

41. Multiple Choice: Figure: Joanna‘s Time Allocation Budg...

Question

Points: 0

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Figure: Joanna‘s Time Allocation Budget Line

Reference: Ref 19-5

(Figure: Joanna‘s Time Allocation Budget Line) Joanna‘s Time Allocation Budget

Line depicts what happens when she can choose how to spend 40 hours. When

Joanna‘s wage rate increases and she ends up working more hours, this means for

her: