Which of the following is an example of a worker experiencing frictional unemployment?
A) A worker quits his job at the U.S. Post Office to find more interesting work.
B) A computer programmer loses her job because it is outsourced to India.
C) An employee is laid off because the economy is suffering a recession.
D) A United Airlines pilot loses her job because of lack of demand for air travel.
Answer: A
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The figure above shows the labor market in a region. In which of the following cases would the amount of unemployment be the largest?
A) when the market is at its equilibrium, with no minimum wage B) when a minimum wage of $4 an hour is imposed C) when a minimum wage of $6 an hour is imposed D) when a minimum wage of $8 an hour is imposed E) None of the above because the market will adjust so that there is no unemployment.
In rational expectations theory, the term "optimal forecast" is essentially synonymous with
A) correct forecast. B) the correct guess. C) the actual outcome. D) the best guess.
The implications of the zero economic profit condition in a perfectly competitive market implies that the opportunity cost of capital is integrated into the firm’s cost relationships.
Answer the following statement true (T) or false (F)
In tit-for-tat, if your partner ________ in your first interaction, then you will ________ in your next interaction.
A. cooperates; defect B. defects; defect C. defects; cooperate D. defects; refuse to play