The actual unemployment rate can be greater than or less than the natural rate of unemployment
Indicate whether the statement is true or false
TRUE
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All points on the firm's expansion path
a. give the firm the maximum possible profit. b. minimize the firm's cost of producing some level of output. c. have the same long-run average cost. d. make the marginal product of labor equal to the marginal product of capital.
The curvature of the production function shows that as employment increases, the productivity of labor
A) remains positive and increases. B) remains positive but decreases. C) decreases and becomes negative. D) remains constant.
One way to restructure Social Security to meet its future obligations would be to _____
a. lower the retirement age b. reduce Social Security benefits c. increase benefits only on the poor d. eliminating pay-as-you-go
In a game with multiple Nash equilibria, all of the following can be used to determine the equilibrium of the game except which one?
A) the Focal point B) a coin flip C) the Pareto criterion D) refinements