The cyclical unemployment rate changes with business cycle fluctuations
Indicate whether the statement is true or false
TRUE
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If factors of production cannot flow between countries
A) there is no reason to expect that wages should be equal worldwide. B) multinational corporations would not exist. C) trade in goods could still occur. D) All of the above.
Consider a general cost function C(q), with Average Cost=C(q)/q. Prove using calculus that the quantity which minimizes the Average Cost function is also at the point where the Marginal Cost equals the Average Cost
To do this, first derive the necessary condition for the AC to be at a minimum.
Adverse selection can only occur when there is asymmetric information
a. True b. False Indicate whether the statement is true or false
Figure 2-10
Movement from point K on the production possibilities curve for food and clothing in , to point J inside the curve could be the result of
a.
an increase in opportunity costs
b.
supply and demand
c.
greater efficiency
d.
a decrease in the population
e.
an increase in unemployment