In the United States, to count as unemployed, you must:
A. be younger than 65 years old.
B. actively looking for work.
C. be skilled enough to hold a job.
D. All of these are true.
B. actively looking for work.
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Enterprises obey horizontal orders if the reward from the vertical transaction exceeds the reward from the horizontal transaction
a. True b. False
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC: 
Both islands specialize exclusively in the product for which they have a comparative advantage. You have agreed to give 350 coconuts to the other island in exchange for 1,300 fish. After the trade, your island has a total of ________ coconuts and ________ fish.
A. 150; 1,300 B. 500; 1,500 C. 150; 2,800 D. 500; 1,300
Wage reduction policies are less common than layoffs because
A) workers never prefer wage reduction policies. B) workers always trust the firm to tell the truth. C) of asymmetric information. D) of adverse selection problems.
If nominal GDP increases from one year to the next, then
A) production must have increased. B) production could have increased, decreased, or stayed the same. C) prices must have increased. D) prices and production must both have increased. E) prices and production must both have decreased.