Signaling is an action taken by an uninformed party to induce an informed party to reveal information
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is likely to increase the productivity of workers in an economy?
A) The discovery of an oil field B) An increase in the number of years of training that each worker receives C) An increase in the aggregate price level D) An increase in the labor force participation rate in the economy
Using the data in the above table, gross domestic product as calculated by the income approach equals ________
A) $2,333 B) $2,592 C) $2,925 D) $2,205
You observe that the price of a good rises and the quantity decreases. These observations can be the result of the
A) demand curve shifting rightward. B) demand curve shifting leftward. C) supply curve shifting rightward. D) supply curve shifting leftward.
Which of the following statements is true?
A) When an industry achieves a long-run competitive equilibrium, industry output will not change in the future. B) When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even. C) A long-run competitive equilibrium can only be achieved in constant-cost industries. D) A long-run competitive equilibrium outcome is not economically efficient.