Which of the following could be an institutional barrier to employment?
a. licensing requirements
b. labor unions
c. minimum wages
d. all of the above
D
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When a game has more than one Nash equilibrium
a. players will choose the strategies which maximize total welfare. b. players are likely to choose the strategies which minimize total welfare. c. it is difficult to predict which of the equilibria will occur or whether it is stable. d. it is difficult to predict which of the equilibria will occur but once one is reached it is likely to remain stable.
You are trying to decide if you should take a vacation. Your cost-benefit analysis indicates that the benefits outweigh the costs. You should
A) take a vacation. B) not take a vacation. C) take a vacation only if you have enough cash saved up to pay for it up front. D) More information is needed to make this decision.
Social Security payments:
A. continue to cause the elderly to lose income over time, since payments are not adjusted for inflation. B. cause concern for retirees, due to the increase in life expectancies. C. hold their real value because they are adjusted for inflation. D. are the biggest drain on the retirees budget each year.
Which of the following is an example of a positive, as opposed to normative, statement?
a. When the minimum wage is increased, unemployment is a predictable consequence. b. The income tax rate should be increased to offset the budget deficit. c. Increasing government spending is the best way to help the economy move out of a recession. d. More than one of the above are positive statements.