In calculating the unemployment rate, part-time workers are:
a. Treated the same as "discouraged" workers who are not actively seeking employment
b. Counted as unemployed because they are not working full-time
c. Counted as employed because they are receiving payment for work
d. Used to determine the size of the labor force, but not the unemployment rate
c. Counted as employed because they are receiving payment for work
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When one person knows more than another, it creates a situation:
A. in which the transaction is always regretted. B. called information asymmetry. C. in which the transaction will not occur. D. called information dominance.
The presence of adverse selection:
A. reduces the efficiency of markets. B. increases the efficiency of markets. C. does not affect the efficiency of markets. D. makes the buyer less efficient and the seller more efficient.
Comment: “We could do a better job of solving the economizing problem by setting our consumption goals lower rather than by setting our production goals higher.”
Please provide the best answer for the statement.
Assume a firm organizes all individuals by their willingness to pay (least to most). If the firm starts to perfectly price discriminate, what is likely to happen?
A) Consumers start to arbitrage amongst themselves. B) The firm's profits will be maximized. C) The firm's costs will be minimized. D) The firm starts to arbitrage with consumers.