Which is not a decision made by potential workers in the United States?
A. determining how to divide one's time between work and leisure
B. choosing how much education to receive
C. deciding which occupation to pursue
D. choosing how much to produce to maximize firm profit
E. deciding whether or not to participate in the labor force
Answer: D
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Bayesian updating in a separating equilibrium implies the initially uninformed player will fully know what type he is playing when he has to make his move.
Answer the following statement true (T) or false (F)
Different values are not a reason for disagreement among economists
a. True b. False Indicate whether the statement is true or false
Inflation is costly only if it is unanticipated
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, if average prices in the U.S. economy fall, then the
A. Foreign trade effect will lead to a lower quantity of U.S. output demanded. B. Cost effect will lead to a higher quantity of U.S. output demanded. C. Real balances effect will lead to a lower quantity of U.S. output demanded. D. Interest rate effect will lead to a higher quantity of U.S. output demanded.