Which of the Following Are Members of the Same Cohort

question 54

Multiple Choice

Which of the following are members of the same cohort?

• A) an urban child in Europe and a rural child in Canada
• B) a woman raising her children during World War II and a woman raising her children during the Vietnam conflict in the 1970s
• C) a grandfather, his son, and his four grandsons
• D) a high-school student in Alberta and a high-school student in Quebec

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Definitions:

Economically Efficient

A state where resources are allocated in a way that maximizes the production of goods and services, with no way to improve someone's condition without worsening another's.

Coase Theorem

A principle stating that if property rights are well-defined and transaction costs are low, parties will negotiate to correct externalities without government intervention.

Transaction Costs

Expenses incurred during the process of buying or selling goods and services that are not directly related to their price.

Negative Externality

A cost that is suffered by a third party as a result of an economic transaction.