Which of the Following Events Will Likely Make Indifference Curves

question 33

Multiple Choice

Which of the following events will likely make indifference curves (between income on the vertical axis and household time on the horizontal axis) flatter?

• A) new inventions that make it easier to substitute market goods for household time
• B) increased valued of time spent at home with children
• C) an increase in income
• D) smaller future wage penalties for staying at home

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Definitions:

Bailment

A legal relationship in which physical possession of personal property is transferred from one person to another with the understanding that the property will be returned.

Personal Property

Movable items owned by an individual as opposed to real estate or land.

Property Rights

Legal rights to possess, use, and dispose of assets including real estate, personal property, and intellectual property.

Abandoned Property

Property that has been discarded by the owner, who has relinquished all rights and claims over it.