The value of a worker's marginal product of labor:
A. only depends on a worker's stock of human capital.
B. is lower for workers with more human capital.
C. is not affected by a worker's stock of human capital.
D. is higher for workers with more human capital.
Answer: D
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Game theory is a tool for studying ________
A) Nash behavior B) payoff dilemmas C) rational dilemmas D) strategic behavior
Explain how a bilateral monopoly equilibrium outcome differs from a purely competitive outcome.
What will be an ideal response?
The misery index diminished during the first Reagan administration, which means that the Phillips curve
A. Shifted to the right, thereby implying that stagflation had become a more acute problem than before. B. Shifted to the left, thereby implying an easing of the trade-off between inflation and unemployment. C. Maintained its position despite important changes in the composition of the labor force. D. Flattened out, thereby implying that some amount of inflation is consistent with any rate of unemployment.
Unemployment occurs when someone:
A. is not working full-time. B. wants to work but cannot find a job. C. should be working but chooses not to. D. has useful skills that are not being used.