Individuals maximize utility in allocating their time only when
a. any change in their use of time reduces their total satisfaction
b. they consciously and carefully weigh the expected marginal utilities per unit
c. they consciously and carefully weigh the actual marginal utilities per unit of time spent in each activity
d. the expected average utility of each activity is equal
e. people make a concerted effort to measure satisfaction
Question 2
A major difference between social insurance and income assistance programs is that
a. social insurance programs are run by the states and income assistance programs are run by the federal government
b. funding for social insurance programs comes exclusively from the federal government, whereas income assistance programs are funded both at the state and federal levels
c. benefits from social insurance programs are related to a worker's contributions to the programs, whereas benefits from income assistance programs are not
d. social insurance programs are available only to households with children
e. income assistance programs are available only to households without children
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Very nice definition of time
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