To be officially classified as unemployed, a person must be
A. at least 16, not working and actively seeking employment.
B. collecting unemployment benefits.
C. at least 21 and not working.
D. laid off or fired.
Answer: A
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What is a prisoner's dilemma?
A) a game in which players act in rational, self-interested ways that leave everyone worse off B) a game that involves no dominant strategies C) a game in which players collude to outfox authorities D) a game in which prisoners are stumped because they cannot communicate with each other
A U.S. federal budget deficit that raises real interest rates is most likely to:
a. lead to a depreciation of the dollar in the foreign exchange market. b. encourage foreign investment in U.S. securities. c. lead to an increase in exports. d. lead to an appreciation of other currencies relative to the U.S. dollar. e. discourage imports of foreign goods.
Why would a wage differential due to discrimination in hiring be unlikely to persist in a competitive labor market?
a. There is a cost advantage for firms that do not discriminate. b. Workers who are victims of discrimination will eventually drop out of the labor market. c. Competing firms will hire fewer of the workers who are temporarily victimized by discrimination. d. Discrimination cannot exist in markets.
Just like other scientific models, economic models simplify reality using