An equilibrium in a game in which players pursue their own self-interest is called
A) a Nash equilibrium.
B) a cooperative equilibrium.
C) a noncooperative equilibrium.
D) a prisoner's dilemma.
Answer: C
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The U.S. unemployment insurance program
A) decreases the level of frictional unemployment. B) pays the unemployed a benefit equal to twice the average wage. C) increases the amount of time the unemployed spend searching for a job. D) eliminates structural unemployment.
The relationship between the elasticity of product demand and the elasticity of demand for labor employed in its production is such that, other things being equal:
A. the more elastic the demand for the product, the less elastic the demand for labor. B. the more elastic the demand for the product, the more elastic the demand for labor. C. the elasticity of product demand only affects the elasticity of labor demand when the product market is purely competitive. D. if product demand is perfectly elastic, labor demand will be perfectly inelastic.
Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price a
A) shortage exists, and the price falls to restore equilibrium. B) surplus exists, and the price rises to restore equilibrium. C) shortage exists, and the price rises to restore equilibrium. D) surplus exists, and the price falls to restore equilibrium. E) surplus exists, but nothing happens until either the demand or the supply changes.
Since 1950, it can be observed that the female participation rate in our labor force has
A) increased. B) decreased. C) stayed constant. D) moved erratically up and down.