(Last Word) The "after this, therefore because of this" fallacy states that:
A. because event A precedes event B, A is necessarily the cause of B.
B. the very attempt to accomplish a certain objective may create conditions that prohibit the
achievement of that objective.
C. events may drastically alter plans; one's intentions and actual accomplishments may differ
considerably.
D. generalizations that are accurate at the level of microeconomics may be inaccurate at the
level of macroeconomics.
Answer: A
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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.
Use the following information to answer the next question.The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her
aircraft design skills. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work. Which individual(s) would be included in the calculation of the natural unemployment rate? A. Mollie and Jeanette B. George and Ricardo C. Mollie only D. George only
We say a market is "missing" when:
A. there is no place for potential buyers and sellers to exchange a particular good or service. B. the quantity being exchanged is at or close to zero. C. there is an absence of a well-functioning market, and total surplus is lower than it could be. D. All of these are true.
When a tax on a good is enacted,
a. buyers and sellers share the burden of the tax regardless of whether the tax is levied on buyers or on sellers. b. buyers always bear the full burden of the tax. c. sellers always bear the full burden of the tax. d. sellers bear the full burden of the tax if the tax is levied on them; buyers bear the full burden of the tax if the tax is levied on them.