Workers employed in jobs that do not utilize their productive talents or experience are considered
a. structurally unemployed
b. structurally employed
c. discouraged workers
d. underemployed workers
e. untrainable
D
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The Coase Theorem suggests that negotiations to eliminate an externality allow the resource to
A. stop causing the externality altogether. B. move to the person who values it the most. C. move to the person who needs it the most. D. continue to benefit everyone.
Risk diversification refers to the process by which:
A. people organize themselves in a group to collectively absorb the cost of the risk faced by each individual. B. insurance companies change the risk aversion of their clients. C. risks are shared across many different assets or people, reducing the impact of any particular risk on any one individual. D. insurance companies reallocate the likelihood of catastrophes happening.
Which of the following statements brings out the relationship between the value of marginal product (VMP) and the marginal revenue product (MRP)?
a. They are the same for a firm selling in a perfectly competitive market structure. b. They are the same for a firm purchasing inputs in a perfectly competitive market structure. c. VMP is greater than MRP when a firm is perfectly competitive in the product market. d. VMP is less than MRP when a firm is perfectly competitive in the product market. e. They are same when a firm is a monopolist.
Which of the following factors would economists consider "key" to economic development?
A. establishing a system of property rights B. expansionary monetary policy C. policies that promote consumption expenditures by households D. All of these are correct.