An increase in the market wage leads a household to:
7. Which of the following best exemplifies the Becker substitution effect? An increase in the market wage leads a household to:
|a.||eat more fast-food meals||c.||have more children|
|b.||play more golf together||d.||take fewer, but longer vacations|
8. Which of the following best exemplifies the Becker income effect? An increase in the market wage leads a household to:
a. substitute time for goods in the production of commodities
b. consume fewer time-intensive commodities and more goods-intensive commodities
c. consume more commodities
d. have fewer children
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