Leisure is (Multiple Choice)

Leisure is
 a. not subject to the law of diminishing utility because you can never have enough leisure time
  b. not subject to the law of diminishing utility because you can derive utility only from goods and services
  c. subject to the law of diminishing utility, just as the consumption of goods and services is
  d. subject to the law of diminishing utility only if it involves the consumption of goods and services
  e. not considered in maximizing utility

QUESTION 2

The largest drop in the percentage of families below the poverty level occurred
 a. in the 1960s
  b. in the 1970s
  c. in the 1980s
  d. in the early 1990s
  e. during the recession of the early 1980s

QUESTION 3

Market work includes activities such as
 a. practicing your golf game
  b. studying for an economics exam
  c. teaching a college economics course
  d. picking up empty cans for the bottle deposit
  e. picking strawberries for your own use

QUESTION 4

According to the Census Bureau,
 a. a greater percentage of families are below the poverty level now than in 1960
  b. a smaller percentage of families are below the poverty level now than in 1960
  c. the same percentage of families are below the poverty level now as in 1960
  d. the percentage of families below the poverty level has fallen dramatically since 1970
  e. 30 percent of families are below the poverty level

QUESTION 5

Nonmarket work includes time spent
 a. producing goods and services for your employer
  b. pursuing hobbies and crafts
  c. engaging in strenuous physical exercise to reduce your weight
  d. producing your own goods and services
  e. managing your own firm

QUESTION 6

Measurement of the official poverty level
 a. includes all transfers
  b. excludes all transfers
  c. includes cash transfers but not in-kind transfers
  d. includes in-kind transfers but not cash transfers
  e. is always measured in real rather than nominal terms