Teenage unemployment rates tend to be a little lower than the overall unemployment rate.
Answer the following statement true (T) or false (F)
False
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A profit-maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because
a. it would not be maximizing output. b. it would not be maximizing the productivity of labor. c. it would not be minimizing costs. d. it would not be maximizing profits.
Incompleteness of a contract can be considered boundedly rational if at the time the parties draft the agreement they do not know how they can best react to certain contingencies
Indicate whether the statement is true or false
Which of the following is true regarding economic fluctuations in the United States?
a. Since World War II, economic ups and downs have been more moderate than before the war. b. Prior to World War II, real GDP annual increases of more than 5 percent were unheard of. c. Real GDP grew rapidly during the 1930s. d. The 1920s was a period of prolonged economic stagnation and high unemployment.
The provision of aid to an individual who is not required to provide anything in exchange is called a transfer payment.
a. true b. false