The higher the reservation wage, the more likely one is to be unemployed.
Answer the following statement true (T) or false (F)
True
When unemployed, a worker with a high reservation wage has a more difficult time finding a job compared to a worker with a lower reservation wage, because the former will only accept a job that meets that worker's desired salary, whereas the individual with the lower reservation wage will have a wider range of jobs from which to choose.
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The Coase Theorem implies that _____
a. absent transactions costs, resources will be efficiently allocated b. absent transactions costs, resources will be inefficiently allocated c. with significant transactions costs, resources will be efficiently allocated d. with significant transactions costs, resources will be inefficiently allocated
Explain why the price doesn't change when a market is in equilibrium
Suppose that the total expenditures for a typical household in 2010 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals:
A. 1.00 B. 1.20 C. 1.25 D. 0.83
When one country can produce a product at a lower cost in terms of other goods, that country is said to have
A. a comparative advantage. B. a productive advantage. C. an absolute advantage. D. an unfair advantage.