Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number counted as unemployed is:
A. 10.
B. 15.
C. 40.
D. 30.
Answer: A
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All economic questions arise because we
A) want more than we can get. B) want more than we need. C) have an abundance of resources. D) have limited wants that need to be satisfied.
When social costs of an activity exceed private costs
A. this means that resources are being efficiently used. B. there is a tendency for resources to be under-utilized. C. there is a tendency for resources to be over-utilized. D. None of these is correct.
Refer to Figure 4.8. How many stable Nash equilibrium points are there in this game?
A) 0 B) 1 C) 2 D) 3
As in all other competitive markets price equals marginal cost in a market for a scarce, non-renewable resource that is traded in a competitive market
Indicate whether the statement is true or false