Mike has been unemployed for over a year. He hasn't looked for a job in the last three months, but he's just started looking for work again. Because Mike started looking for a new job
A) the unemployment rate decreased. B) the working-age population increased.
C) the unemployment rate increased. D) the labor force participation rate decreased.
C
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Because of the high fertility rates in the poorest countries, children under 15 years old make up nearly half the population there
Indicate whether the statement is true or false
A bowed Production Possibilities Curve (PPC) indicates
A) inefficient production. B) that the trade-off between the 2 goods is not constant. C) changing technology. D) only 1 good is always being produced.
There are two firms in the residential paint industry, Cool Shades (C) and Warm Hues (W). They collude to share the market equally. They jointly set a monopoly price and split the quantity demanded at that price. Here are their options:
i. They continue to collude (no cheating) and make $36 million each in profits. ii. One firm cheats and the other does not. The firm that cheats makes a profit of $42 million whereas the firm that doesn't makes a profit of $27 million. iii. They both cheat and each firm makes a profit of $21 million. a. Construct a payoff matrix for these two firms. b. How does this situation relate to the prisoner's dilemma? c. If each firm acted noncooperatively, how much profit would each make? d. Are the firms better off colluding (with no cheating) or competing? Explain.
What are two underlying factors affecting input prices? How does a change in input prices affect aggregate supply?
What will be an ideal response?