An economics-based reason for unemployment is that people are who are unemployed are:
a. inherently lazy and have no desire to work.
b. unable to remain employed for a long period of time.
c. not willing to work at the current equilibrium wage.
d. evolving and seeking to be more spiritual.
c. not willing to work at the current equilibrium wage.
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The above figure shows the payoff matrix for two firms, A and B, selecting an advertising budget. The firms must choose between a high advertising budget and a low advertising budget. Firm A's dominant strategy
A) does not exist. B) is to do the opposite of firm B. C) is to select a high advertising budget. D) is to select a low advertising budget.
A welder who quits his job and moves from Houston to Buffalo to try to get a better welding job is said to be:
a. frictionally unemployed. b. underemployed c. cyclically unemployed. d. structurally unemployed.
Joan is deciding where to spend her spring break. If she goes to Cancún, Mexico, the trip will give her 9,000 units of utility and will cost her $300. If she travels to Florida instead, the trip will give her 8,000 units of utility and will cost her only $200. Joan will do best going to:
A. Mexico because her total pleasure will be greater. B. Florida because her pleasure per dollar will be greater. C. Mexico because her pleasure per dollar will be greater. D. Florida because her total cost will be lower.
Which of the following statements is false?
A) Purchasing power and the price level are inversely related. B) The real balance effect refers to the change in the purchasing power of dollar-denominated assets as a result of a change in the price level. C) The aggregate demand curve slopes downward because of the real balance, interest rate, and international trade effects. D) A change in the quantity demanded of Real GDP is directly brought about by a change in interest rates.