It takes Heather 1 hour to change the oil in the car and 20 minutes to do the dishes. It takes Zach 1.5 hours to change the oil in the car. For Zach to have a comparative advantage changing the oil it must take him more than ______ minutes to do the dishes
Fill in the blank(s) with correct word
30
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Suppose that two roommates share a bathroom. Jeff, your roommate, makes a mess with toothpaste in the sink. This bothers the other roommate, Justin. According to the Coase Theorem, one necessary condition to alleviate the externality of toothpaste in the sink is that
A. either Jeff or Justin own the house (and therefore the bathroom). B. neither Jeff nor Justin own the house (and therefore do not own the bathroom). C. Jeff has the right to leave the toothpaste and Justin cannot do anything else. D. Justin has a right to a clean bathroom and Jeff has to clean up the toothpaste.
Over the last 100 years labor force participation by elderly males has fallen from over 2/3 to 1/5
Indicate whether the statement is true or false
According to Elinor Ostrom's view of The Tragedy of the Commons:
a. The only way to prevent the collapse of the commons is government intervention. b. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual. c. Individuals will create institutions to prevent the collapse of the commons. d. Individuals will use the commons beyond the socially efficient point.
The O in OLI theory stands for ownership, and the asset owned can be tangible or intangible
Indicate whether the statement is true or false