Which of the following statements about full employment is correct?I.Full employment means that the unemployment rate is less than 1/2 of 1 percent.II.Full employment means that the transaction costs associated with getting a job are zero.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: D
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The second welfare theorem says that, regardless of how we redistribute endowments in an economy, we still get the same competitive equilibrium if markets are permitted to operate.
Answer the following statement true (T) or false (F)
The above figure shows the isoquants for producing steel. When producing between 10,000 and 20,000 tons there are
A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.
In the long run, new firms can enter an industry and so the supply elasticity tends to be
A) more elastic than in the short run. B) less elastic than in the short run. C) perfectly elastic. D) perfectly inelastic.
Suppose two companies, Macrosoft and Apricot, are considering whether to develop a new product, a touch-screen t-shirt. The payoffs to each of developing a touch-screen t-shirt depend upon the actions of the other, as shown in the payoff matrix below (the payoffs are given in millions of dollars). 
If Macrosoft and Apricot make their decision at the same time, then which of the following statements is correct?
A. The game has more than one Nash equilibrium. B. The only Nash equilibrium is that both develop a touch-screen t-shirt. C. The game does not have a Nash equilibrium. D. The only Nash equilibrium is that neither develops a touch-screen t-shirt.