The Value of an Hour of Leisure Can Best Be

question 42

Multiple Choice

The value of an hour of leisure can best be estimated as

• A)Zero since no income is earned.
• B)The hourly wage that could have been earned.
• C)Total recreational expenditures divided by hours of leisure.

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Definitions:

Majority Rule

A decision rule that selects alternatives which have a majority, that is, more than half the votes.

Logrolling

The practice of exchanging favors, especially in politics by reciprocal voting for each other's proposed legislation.

Public Choice

A field of economics that applies economic methods to the study of political and administrative decision-making.

Bureaucratic Waste

Inefficiencies and wasted resources resulting from the cumbersome procedures, redundant paperwork, and unnecessary red tape often associated with large administrative systems.