the difference between “goods” and “commodities”
3. In Becker’s model of time allocation, the difference between “goods” and “commodities” is that commodities are produced:
a. in markets whereas goods are produced in households
b. only with housework
c. by combining goods with time
d. in the market, whereas goods are produced in the home
4. If a worker’s wage rate rises:
a. household production will shift away from goods-intensive commodities towards timeintensive commodities
b. household production will shift away from time-intensive commodities towards goodsintensive commodities
c. more leisure time will be consumed
d. more leisure time will be consumed if the substitution effect outweighs the income effect
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