Which of the following would be officially classified as unemployed?
What will be an ideal response?
A laid-off construction worker waiting to return to a previous job.
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Asymmetric information is a situation in which ________ parties to a transaction have relevant private information that is ________ to the other parties.
A) all; unknown B) some; unknown C) some; known D) all; known
An individual's value for a good or service is the
a. The amount of money he or she used to pay for a good b. The amount of money he or she is willing to pay for it c. The amount of money he or she has to spend on goods d. None of the above
If Pat can produce a good or service at a lower opportunity cost than Chris can, then
a. Pat has a comparative advantage in producing the good or service b. no gains are possible through specialization c. Pat must have an absolute advantage in producing the good or service d. Pat must be more talented than Chris e. society is at a point along its production possibilities frontier
Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to consume when real disposable income equals $400?
A. -0.45 B. 0.69 C. 1.45 D. 0.7