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9. Eventually we will use our household to stand in for an average house- hold in the US economy. We will call such a household, a "represen tative" household. How might you use the "representative" household to understand issues like unemployment, the decision to be a home- maker and early retirement given that the representative household will likely always work a significant amount of time. [Hours worked per household probably doesn't vary its hours worked by more than 10 percent.] How might such a representation understate the costs of empl due to lack of employment is offset partially by a gain in leisure. For what policy questions might that be a fair assumption? What aspects of unemployment may be missing by that assumption? nent? On a second note, we are assuming the loss a household

9. Eventually we will use our household to stand in for an average house- hold in the US economy. We will call such a household, a "represen tative" household. How might you use the "representative" household to understand issues like unemployment, the decision to be a home- maker and early retirement given that the representative household will likely always work a significant amount of time. [Hours worked per household probably doesn't vary its hours worked by more than 10 percent.] How might such a representation understate the costs of empl due to lack of employment is offset partially by a gain in leisure. For what policy questions might that be a fair assumption? What aspects of unemployment may be missing by that assumption? nent? On a second note, we are assuming the loss a household

Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter24: Measuring The Cost Of Living
Section: Chapter Questions
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9. Eventually we will use our household to stand in for an average house- hold in the US economy. We will call such a household, a "represen tative" household. How might you use the "representative" household to understand issues like unemployment, the decision to be a home- maker and early retirement given that the representative household will likely always work a significant amount of time. [Hours worked per household probably doesn't vary its hours worked by more than 10 percent.] How might such a representation understate the costs of empl due to lack of employment is offset partially by a gain in leisure. For what policy questions might that be a fair assumption? What aspects of unemployment may be missing by that assumption? nent? On a second note, we are assuming the loss a household
Transcribed Image Text:9. Eventually we will use our household to stand in for an average house- hold in the US economy. We will call such a household, a "represen tative" household. How might you use the "representative" household to understand issues like unemployment, the decision to be a home- maker and early retirement given that the representative household will likely always work a significant amount of time. [Hours worked per household probably doesn't vary its hours worked by more than 10 percent.] How might such a representation understate the costs of empl due to lack of employment is offset partially by a gain in leisure. For what policy questions might that be a fair assumption? What aspects of unemployment may be missing by that assumption? nent? On a second note, we are assuming the loss a household
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