Frictional unemployment refers to:
a. unemployment related to the ups and downs of the business cycle.
b. workers who are between jobs.
c. people who spend relatively long periods out of work.
d. people who are out of work and have no job skills.
b
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Whatever functions as money must be _____
a. authorized by the government b. accepted as deposit by banks c. backed by precious metals like gold or silver d. completely indestructible e. limited in supply
When a price floor that has an impact is imposed, the quantity
A. demanded will decrease and quantity supplied will increase. B. supplied will decrease and quantity demanded will increase. C. demanded will decrease and quantity supplied will not change. D. supplied will decrease and quantity demanded will not change.
The purpose of convention is
A) to create a Nash game. B) to determine one equilibrium out of a multi-equilibrium situation. C) to offer multiple choices to players. D) all of these choices.
Figure 11-3
In Figure 11-3, one can tell from the graph that the monopolist will earn a positive profit only if
A. the price exceeds $3. B. the price exceeds $2. C. output is less than 60 units. D. One cannot tell from the information given.