Chapter review questions QUESTION 1 In chapter 1 and 2, we modeled growth in an economy by a growing population. We could also achieve a growing economy by having and endowment that increases over time. To see this, consider the following economy: Let the number of young people born in each period be constant at N. There is a constant stock of fiat money, M. Each young person born in period t is endowed with y units of the consumption good when young and nothing when old. The individual endowment

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You have 5 kids and work 2 jobs to help support your family. You work a day job from 8:00 am to 4:00 pm Monday through Friday.  You also cut hair at one of the local barber shops on Saturdays and Sundays.  On Saturdays you normally work from 7:00 am to 7:00 pm and make pretty good money because the shop is always full on the weekends.  Your wife is concerned that you are not spending enough time with the children because you work all of the time.  Using production possibilities analysis, show a situation where you decide to increase the amount of time on Saturdays that you hang out with the kids from 2 to 5 hours.

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