In managerial economics, agency costs refer to
a. booking travel arrangements
b. model and actor representation
c. imperfections in dealing with those hired
d. foreign espionage
c
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Jackson buys an automobile insurance policy and then decides to drive recklessly because he knows he is insured in case he has an accident. This describes the problem of
A) adverse selection. B) asymmetric information. C) moral hazard. D) risk pooling.
The labor force is 100 million and the unemployment rate is 5 percent. One million people quit looking for a job. What is it called when an individual leaves the labor force, and in this case what is the new unemployment rate?
A) Encouraged worker, 5 percent. B) Discouraged worker, 5.05 percent. C) Discouraged worker, 3 percent. D) Discouraged worker, 4.04 percent.