After graduating from Harvard Law School, Anne started looking for a job. She could not find a job after looking for one week. Which of the following is true in this case?
a. This is an example of frictional unemployment.
b. This is an example of cyclical unemployment.
c. This is an example of seasonal unemployment.
d. She is underemployed
e. She is a discouraged worker.
a
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The aggregate demand for good X is Q = 20 - P. If the price rises from P = $4 to P = $5, what is the change in consumer surplus?
A) $4.50 B) $5.50 C) $15.50 D) $16
An example of a real-life rule that might constrain people's behavior is:
A. minimum wage legislation. B. having 24 hours in a day. C. the earth's limited supply of oil. D. All of these are examples of real-life rules.
Reaching a Nash equilibrium means that:
A. the outcome will be positive-positive. B. a cooperative equilibrium has been reached. C. the players have reached a stable outcome where neither would wish to change his strategy once he finds out what the other player is doing. D. the players have failed to reach a stable outcome because one player will always wish to change his strategy once he finds out what the other player is doing.
Which of the following is, so far, the most utilized method to reduce emissions of industrial pollution to politically chosen levels, while encouraging efficient choices by polluters?
a. government pollution charges or taxes b. non-tradable emission standards that cap allowable pollution for each emitter c. cap and trade emission permits d. regulations that would effectively prohibit all emissions