Question

1. Marriage is a _________ which means that marriage partners commit to one another and in doing so adopt a longer-term perspective.

a. Rational Choice

b. Intertemporal Commitment Device

c. Institution

d. Opportunity Cost

d. Opportunity Cost

2. Consider a production possibilities frontier for a woman, where market goods are on the vertical axis and household goods are on the horizontal axis. The absolute value of the slope of the production possibilities frontier represents,

a. Her opportunity cost of producing home goods, which is the number of market goods she gives up to produce home good.

b. Her opportunity cost of producing market goods, which is the number of market goods she gives up to produce a home good.

c. Her opportunity cost of producing home goods, which is the number of home goods she gives up to produce a market good.

d. Her opportunity cost of producing market goods, which is the number of home goods she gives up to produce a market good.

3. In plotting the supply of curve for the marriage market with the surplus married women receive on the vertical axis and the number of women on the horizontal axis, the supply curve is upward sloping because

a. More men want to get married when his share of the surplus is high

b. More men want to get married when his share of the surplus is low

c. More women want to get married when her share of the surplus is high

d. More women want to get married when her share of the surplus is low

Answer 1

Marriage is a _________ which means that marriage partners commit to one another and in doing so adopt a longer-term perspective.

a. Rational Choice

2. Consider a production possibilities frontier for a woman, where market goods are on the vertical axis and household goods are on the horizontal axis. The absolute value of the slope of the production possibilities frontier represents,

d. Her opportunity cost of producing market goods, which is the number of home goods she gives up to produce a market good.

3. In plotting the supply of curve for the marriage market with the surplus married women receive on the vertical axis and the number of women on the horizontal axis, the supply curve is upward sloping because

d. More women want to get married when her share of the surplus is low

Here are the correct options. Please free to comment in case of any doubt. Please vote thumbs up