High benefit payments to unemployed workers will tend to increase the rate of unemployment
a. true
b. false
a. true
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As a consumer you believe yourself to act rationally, optimally and self-interestedly. You like ice cream and value a pint at $7 . Usually you buy a pint each week at $4 . This week however, the price jumped to $5 a pint. What would you do?
a. buy the ice cream since the price is still below your maximum willingness to pay b. buy the ice cream since even at the new price it gives you a positive amount of consumer surplus c. not buy the ice-cream since the price is now higher d. both A&B
If we are going to get the most value from our resources, entrepreneurs should choose the investment alternatives that
A) result in the production of the largest possible output regardless of value to consumers. B) are most heavily subsidized by the government. C) yield a profitable rate of return. D) reduce the value of resources and retard wealth accumulation.
If a 10 percent wage increase in a particular labor market results in a 5 percent decline in employment in that market, labor demand is:
A. unit-elastic. B. elastic. C. inelastic. D. perfectly elastic.
Price fixing tends to fail in an oligopoly because:
A. firms like to have flexibility in setting prices. B. each firm has an incentive to underprice the other firms. C. it increases the quantity demanded. D. consumers don't like fixed prices.