he? "normal" underlying level of unemployment in the economy is
What will be an ideal response?
A. the? full-employment rate of unemployment.
B. the natural rate of unemployment.
C. the sum of structural unemployment and frictional unemployment.
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When duopoly games are repeated and a "tit for tat" strategy is used,
A) the competitive outcome is more likely to be reached than when the game is played once. B) the monopoly outcome is more likely to be reached than when the game is played once. C) both firms begin to incur economic losses. D) one firm goes out of business. E) Because the game is repeated, it is impossible to predict whether the competitive or the monopoly outcome is more likely.
When those most likely to produce the outcome insured against are the ones who purchase insurance, insurance companies are said to face the problem of
A) fraudulent claims. B) moral hazard. C) adverse selection. D) pecuniary purchases.
Compared to a barter economy, using money increases efficiency by reducing
What will be an ideal response?
In 1998, adjusted for inflation, crude oil and gasoline prices were
A. about average. B. quite low. C. slightly above average. D. quite high.