Consider a modified version of the Gary Becker-style micro model of fertility choices, in which both men and women have child-care responsibilities. Suppose that the man in the household has Tm hours of time to devote to market work and/or child care, and that he must contribute cm hours per child in care time. His wage in market work is w_m. The woman has Tw hours available for market work and/or child care; she must contribute c_w hours per child in child care. Her wage is w_w. The household has no other sources of income. In addition to parental time, each child requires p in goods such as food and clothing. The household's utility function is U = Na X 1?a , with a being a preference parameter such that 0

received it Clear my choice Question 9 Toyota, a Japanese firm, produces a $25,000 car in its plant located in South Carolina, U.S. How does is factor into GDP? Not yet Irawend Select one Points out of O a. $25,000 is added to Japan's GDP I Rag quilton O b. Nothing is added to either country's GOP O c. $25,000 is added to both U.S GDP and Japan's GDP O d. $25 000 is added to U.S. GDP Quantien 10 The supply and demand model shows us that Not you Select one: Points out of 1.00 O a if there is a surplus in a market, buyers will change their preferences and decrease their demand until the surplus is gone. F Rag question O b. once a market reaches equilibrium, the market price will stay the same, even if supply and demand change in the future. O c profit seeking firms will push the price so high that eventually nobody will buy the good and the market will dissolve O d. if there is a shortage in a market, competition will make the price rise and the shortage will be eliminatedQUESTION 30 1. Table 23-6 The table below contains data for the country of Batterland, which produces only waffles an d pancakes. The base year is 2013. Year Price of Quantity of Price of Quantity of Waffles Waffles Pancakes Pancakes 2010 $2.00 80 $1.00 100 2011 $2.00 100 $2.00 120 2012 $2.00 120 $3.00 150 2013 $4.00 150 $3.00 200 Refer to Table 23-6. In 2010, this country's nominal GDP was $260 $440 $620 $760 QUESTION 31 Sheri, a U.S. citizen, works only in Germany. The value she adds to production in Germany i +'s included in both German GDP and U.S. GDP in German GDP, but is not included in U.S. GDP ET C in U.S. GDP, but is not included in German GDP in neither German GDP nor U.S. GDP QUESTION 32 Disposable personal income is the income that "households have left after paying taxes and non-tax payments to the government businesses have left after paying taxes and non-tax payments to the government households and noncorporate businesses have left after paying taxes and non- tax payments to the government households and businesses have left after paying taxes and non- tax payments to the government QUESTION 33 Gross domestic product adds together many different kinds of goods and services into a singl e measure of the value of economic activity. To do this, GDP makes use of C market prices " statistical estimates of the value of goods and services to consumers. prices based on the assumption that producers make no profits the maximum amount consumers would be willing to payQUESTION 14 Which of the following is a goal of monetary policy? A. Maintain full employment. OB. Promote faster long-term economic growth. O C. Keep inflation in check. O D. All of the choices are correct.QUESTION 20 Discretionary fiscal policy refers to O A. Policy undertaken at the sole discretion of Congress which cannot be vetoed by the President. OB. Policy conducted discretely as to not attract undue attention, O C. Policy that takes effect automatically when an economy slides into a recession. O D. Policy in which Congress and the President take explicit legislative action to change government spending or taxes