The ______________ rate of unemployment includes frictional and structural unemployment.
a. natural
b. complete
c. future
d. framed
a. natural
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Consider two individuals, Jay and Randy, and their decision to serve in the military. The accompanying tables show their opportunity costs of supplying military service. The government has determined that it needs 12 total hours of military service per week from these two individuals.
(i) Suppose the government drafts Jay and Randy, requiring each individual to serve 6 hours per week and paying them $15 per hour. What is society's cost of the 12 hours of military service?
(ii) What is the least possible cost to society of having 12 hours served per week?
(iii) What policy could the government use to obtain the required 12 hours of military service at the least possible cost to society?
Once a product becomes established, network externalities may create ________ costs that make consumers reluctant to buy a new product with better technology
A) switching B) marginal C) external D) implicit
Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Gary Becker B. Kenneth Arrow C. Dean Karlan D. Jonathan Morduch
Increases in international trade and technological change have been offered as explanations for the
a. increase in demand for both skilled and unskilled workers in the United States. b. increase in demand for skilled workers and decrease in demand for unskilled workers in the United States. c. decrease in demand for skilled workers and increase in demand for skilled workers in the United States. d. decrease in demand for both skilled and unskilled workers.