Frictional unemployment refers to:
A. people who are out of work and have no job skills.
B. short periods of unemployment needed to match jobs and job seekers.
C. people who spend relatively long periods out of work.
D. unemployment related to the ups and downs of the business cycle.
Answer: B
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q382g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />Which of the following statements is correct?
A. Mexico's dominant strategy is to abide by the agreement.
B. Mexico does not have dominant strategy.
C. Mexico's dominant strategy is to cheat on the agreement.
D. Mexico does not have a dominated strategy.
Refer to Scenario 5.6. If the doctor is risk-averse, she would accept
A) $50,000 for sure rather than take the risk of being a researcher. B) $60,000 for sure (the minimum HMO outcome) rather than take the risk of being a researcher. C) $95,000 for sure rather than face option 1 and option 2 in research. D) $275,000 for sure (the average of option 1 and option 2 in research), but not less, rather than face the risk of those two options. E) the research position because it has the highest possible income.
Economists criticize monopolies because monopolies
A) always price discriminate. B) receive accounting profits. C) restrict output and raise prices compared to a competitive situation. D) make consumers pay more for their product than the customers value the product.
At equilibrium, the market will clear, with no surpluses or shortages occurring
a. True b. False Indicate whether the statement is true or false