Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a.Your total number of hours will fall by 25%. b.Your total number of hours will fall by 50%. c.You will work 25 hours per week. d.Your free time will increase by 25%.
Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a.Your total number of hours will fall by 25%. b.Your total number of hours will fall by 50%. c.You will work 25 hours per week. d.Your free time will increase by 25%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1.7)
Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is
24 hours × 7 days − 40 hours = 128 hours per week
Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then:
Select one or more:
a.Your total number of hours will fall by 25%.
b.Your total number of hours will fall by 50%.
c.You will work 25 hours per week.
d.Your free time will increase by 25%.
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