"Discouraged workers" comprise the percentage of those in the:
a. labor force who are employed and are seeking employment
b. labor force who have chosen early retirement because they dislike their work.
c. adult population who want to be employed but have given up the search for a job.
d. labor force who are looking for a job but cannot find one.
e. adult population who are in the labor force.
c
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Assume the Nozick rules are being followed in the economy so that the distribution of income is fair. What must be true for this to create an efficient allocation of resources?
A) All people are earning equal incomes. B) There are no public goods, monopolies, high transactions costs, or external costs and benefits. C) The costs of administering redistribution equals the benefits the poor receive. D) The government must redistribute income in a fashion that minimizes the "big tradeoff." E) The government must allocate resources using a command mechanism.
DeShawn's Detailing is a service that details cars at the customers' homes or places of work. DeShawn's cost for a basic detailing package is $40, and he charges $75 for this service
For a total price of $90, DeShawn will also detail the car's engine, a service that adds an additional $20 to the total cost of the package. Should DeShawn continue to offer the engine detailing service? A) yes, but only if he raises the price of the basic detailing package B) No, his marginal benefit is less than his marginal cost. C) Yes, he still makes a profit by selling the engine detailing service with the basic detailing package. D) More information is needed for DeShawn to make this decision.