Someone who has decided that her time is more valuable in nonmarket activities than it is when spent working is considered unemployed.
Answer the following statement true (T) or false (F)
False
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Because the presence of a warranty for a good is a signal that the good is of high quality,
A) consumers are willing and able to pay more for a good that carries a warranty. B) consumers are willing to buy goods if and only if the goods come with warranties. C) producers do not need to charge extra for warranties. D) producers can use warranties to sort out high-risk customers. E) producers must make warranties available on all goods.
The inflation associated with the oil price shocks in the 1970s after OPEC restricted the supply of oil is an example of
A) cost-push inflation due to a supply shock. B) cost-push inflation due to a demand shock. C) demand-pull inflation due to a demand shock. D) demand-pull inflation due to a supply shock.
The Full Employment Act of 1946 was based on the ideas associated with the
a. classical school b. Keynesian school c. rational expectations school d. supply-side school e. monetarist school
The government can help solve the information asymmetry problem by:
A. making it illegal to complete a transaction without complete information. B. requiring the more informed party to not use the imbalance to their advantage. C. providing the missing information to the less-informed party. D. All of these statements are true.