On average, younger people have:
A. similar unemployment rates than older people.
B. higher unemployment rates than older people.
C. uncorrelated unemployment rates compared to those of older people.
D. lower unemployment rates than older people.
Answer: B
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Given the same marginal revenue product (MRP) and supply curves, the equilibrium quantity of labor employed in a monopsonistic labor market will be:
a. equal to that in a competitive labor market. b. less than that in a competitive labor market. c. greater than that in a competitive labor market. d. there is insufficient information for a conclusion.
If U.S. securities pay 7 percent interest, and if Great Britain’s securities pay 5 percent interest, then
A. pounds depreciate relative to dollars. B. pounds appreciate relative to dollars. C. Great Britain’s imports will rise. D. Great Britain’s exports will fall.
Landon goes shopping for a used car. One dealer provides a two-year warranty on all of its cars. What does the warranty do?
a. Signal that the dealer does not sell lemons. b. Signal that the car is probably a lemon. c. Allow the dealer to use adverse selection against Landon. d. Allow Landon to use moral hazard against the dealer.
Production possibility curves are upward-sloping because increased production of one good implies reduced production of another good.
Answer the following statement true (T) or false (F)