The Bureau of Labor Statistics' U-3 measure of joblessness is the official unemployment rate
a. True
b. False
Indicate whether the statement is true or false
True
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Fixed costs do not vary as output changes.
Answer the following statement true (T) or false (F)
Assuming that one dollar trades for 6 yuan, what is the dollar cost of 30 yuan?
A) $6 B) $30 C) $10 D) $5
Why is the prisoner's dilemma game useful in studying oligopoly behavior?
A) Because oligopolies make out like bandits. B) To illustrate the problems encountered when making decisions under uncertainty. C) To show that oligopolies behave as monopolists in the long run and earn positive economic profits. D) To illustrate how barriers to entry lead to economic profits.
Answer the following statements true (T) or false (F)
1) Managers of the dairy farmers association can eliminate the industrywide free-rider problem using the law that makes checkoff payments mandatory. 2) In regard to industrywide advertising, creating small groups of participating firms increases the opportunity for free-riding. 3) Resale price maintenance is only profitable if consumers' valuation of the product-specific service exceeds the retailer's marginal cost of providing it. 4) As a manager, if you are aware that your competitors are bribing officials, your firm does not face negative legal outcomes if you report the bribery. 5) As a manager of a firm operating a foreign market, the FCPA does not allow you to make small facilitating payments, but the U.K. Bribery Act does.