Which of the Following Lists the Three Ways People Use

question 101

Multiple Choice

Which of the following lists the three ways people use their time?

• A)Market work, selling labor in the labor market, and leisure
• B)Producing their own goods and services, nonmarket work, and market work
• C)Nonwork, work, and leisure
• D)Market work, nonmarket work, and leisure
• E)Market work, nonwork, and leisure

---

Definitions:

Outward Shift

An increase in a country's production possibility frontier, indicating an expansion in its capacity to produce goods and services.

Production Possibilities Curve

An illustrative chart depicting the optimal output possibilities of two different goods or services that an economy can reach with full and efficient use of all available resources.

Tax Policy

The set of laws and regulations governing how taxes are collected, managed, and utilized by a government.

Innovation

The successful introduction and adoption of a new product or process; the economic application of inventions and marketing techniques.