List and briefly describe the three types of unemployment
What will be an ideal response?
Frictional unemployment arises due to the time and effort it takes to match unemployed people to existing job openings.
Structural unemployment is longer-term unemployment that exists when there are more people looking for work in some labor markets than there are jobs available, at the existing wage rate.
Cyclical unemployment is unemployment that is related to downturns in the economy during business cycles.
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Does game theory always predict real-world situations involving strategic interactions? Why or why not?
What will be an ideal response?
As output increases, average fixed cost gets smaller and smaller
Indicate whether the statement is true or false
When a household owns shares of stock, _____
a. it has ownership rights in that firm b. it is entitled to the majority of the firm's profits c. it is liable to bear the entire loss faced by the firm d. it can consume the firm's products without paying for it e. it is responsible for correcting any defect in the product identified by the customers
What would be the opportunity cost of a child using a coupon for a free ice cream cone?
a. the dollar cost of the cone she selected b. the other types of ice cream she could have selected c. zero - because the good was not a durable good d. zero - because the good was free