The Coase theorem says that which of the following is necessary to lead to an efficient use of resources?
A) presence of transaction costs
B) existence of property rights
C) government intervention
D) All of the above answers are correct.
B
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Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Smith's consumer surplus is
A) $5,000. B) $15,000. C) $20,000. D) not able to be calculated from the information given.
Which of the following people would be considered structurally unemployed?
a. A computer operator who loses his job due to obsolete job skills b. A landscaper who loses her job in the winter c. A construction worker who cannot work due to rainy weather d. A college graduate entering the labor force for the first time e. An auto worker who is laid off due to a drop in the demand for a certain type of car