In a Particular Family,both Spouse a and Spouse B Could

question 17

Multiple Choice

In a particular family,both spouse A and spouse B could earn $20 per hour in market work.However,spouse A has a comparative advantage in the production of home-produced goods.Becker's model of time allocation predicts that:

• A)spouse B will be better able to substitute time for goods in the production of commodities
• B)spouse A and spouse B will divide market work and home production equally
• C)spouse A will tend to specialize in market work; spouse B in home production
• D)spouse A will tend to specialize in home production; spouse B in market work

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Definitions:

Unsought Products

Goods or services that consumers do not typically shop for until a need arises, often requiring significant marketing effort to sell.

Symbolic Characteristics

Features or aspects of objects, actions, or events that represent particular meanings or values beyond their literal sense.

Service

In economics and business, services refer to intangible products that are produced and consumed simultaneously, offering value such as entertainment, advice, access, or a temporary benefit.

Physical

Refers to material objects, things that occupy space and can be perceived by the senses.