Unemployment:
A. changes primarily because of macroeconomic forces.
B. can have serious social consequences.
C. can create uncertainty about the future.
D. All of these are true.
D. All of these are true.
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In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. Which of the following is a Nash equilibrium?
A) Firm A produces an advanced computer, and firm B produces a basic computer. B) Both firms produce advanced computers. C) Both firms produce basic computers. D) None of the above.
Considering a given increase in price due to a tax, the more price elastic the supply curve is, the:
A. larger the drop in equilibrium quantity. B. smaller the drop in equilibrium quantity. C. smaller the amount of deadweight loss created. D. less surplus that is transferred to consumers.
The Army Corps of Engineers has been accused of acting on the basis of a so-called "edifice complex."
a. True b. False Indicate whether the statement is true or false