A household with off-farm wage work and self-employed work, output from self-emp

Question

A household with off-farm wage work and self-employed work, output from self-employed or farm business sold in the market, i.e., a market oriented household through labor and food market contact. The households is assumed to make decisions by maximizing the utility of its members subject to farm technology, resource constraints, including human time, and market prices for agricultural output, off- farm work, and other purchased goods. The household obtains utility from a good purchased in the market A) and frorn leisure (L) and has taste parameter . For each period, the household has a time endowment T and allocates it to leisure (L), self-employed (farm work) work (H), and off-farm wage work (H). ) U-U(X,L,r) a strictly concave function

Explanation / Answer

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The right answer is option A) efficiency and equity.

Explanation: Efficiency and equity are two objective criteria for judging the performance of an economy. Efficiency refers to how resources are used in an economy to minimize wastage and equity refer to how the benefits of economic activities are shared a

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