Economists generally believe that policies such as reducing barriers to trade are likely to foster economic growth
a. True
b. False
Indicate whether the statement is true or false
True
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When you hire a company to paint your house, you cannot be sure of the quality of paint that was used. This situation is an example of
a. moral hazard. b. the adverse selection problem. c. the market for lemons. d. the principal-agent problem.
The principle that consumers and firms optimize
A) is not helpful because some economic agents may behave irrationally. B) is helpful because it allows us to analyze how economic agents respond to changes in their environment. C) only applies to perfectly competitive markets. D) is helpful because it determines the available technology.
Explain why the marginal cost curve intersects a U-shaped average cost curve at its minimum point
What will be an ideal response?
A member of the labor force is defined as someone who is _______ .
a.already employed or actively seeking work. b.who is above the age of 16. c.who is employed. d.who is employed on a part-time basis. e.already employed on a full-time basis.