Unemployment:
A. can have serious social consequences.
B. changes primarily because of macroeconomic forces.
C. can create uncertainty about the future.
D. All of these are true.
Answer: D
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When suspects are interviewed in different rooms, they do not know what the other suspects are going to do and hence seek the best deal for themselves. This illustrates:
A. the idea of a noncooperative game. B. that the police are not taking into account the suspects' rights. C. the idea of a cooperative game. D. that criminals are irrational.
Define the following terms and explain their importance to the study of macroeconomics: a. Aggregation b. Recession c. Gross domestic product d. Final goods and services e. Stabilization policy
What will be an ideal response?
In what cases would the market share held by the dominant firm be or not be an especially relevant or important factor in determining whether a firm has too much market power?
What will be an ideal response?
If economic profits exist (i.e., above $0, or "above-normal") in a competitive market new firms will enter to drive down price.
a. true b. false