Under the conditions set for the taking of property by eminent domain, the government could take private property
A) to build a highway.
B) to allow a private developer to construct residential housing.
C) so a professional sports franchise can build a new stadium.
D) all of the above
D
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Consumers know that some fraction x of all new cars produced and sold in the market are defective. The defective ones cannot be identified except by those who own them. Cars do not depreciate with use. Consumers are risk-neutral and value nondefective cars at $10,000 each. New cars sell for $8,000 and used ones for $2,000. (Note that since buyers are risk-neutral, the price of a new car reflects the expected value of purchasing a car that may or may not be defective.) What is the fraction x?
If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed and 150 million employed, the labor force participation rate is
A) 69.6 percent. B) 23.3 percent. C) 6.67 percent. D) 50 percent.