Suppose a country has 10 million people. Three-fourths of those individuals are in the labor force, with 500,000 unemployed. Full employment occurs at 5 percent. Based on this information, what is the unemployment rate?
A. 75 percent.
B. 7.5 percent.
C. 5 percent.
D. 6.67 percent.
Answer: D
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Which of the following can always be used to determine the outcome when there are multiple Nash equilibria?
A) the Pareto Criterion B) cheap talk C) Both A and B D) None of the above.
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) Best Treats Do Not Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
B) Best Treats Introduce and Healthy Snacks Introduce is a Nash equilibrium.
C) There are no Nash equilibria in this game.
D) Best Treats Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
A profit-maximizing firm will employ a resource up to the point where
a. its marginal resource cost equals its marginal revenue product b. its marginal resource cost equals its marginal product c. its marginal resource cost equals the marginal revenue of the output d. its marginal resource cost equals the price of the resource e. the price of the resource equals the marginal revenue of the output
When interest rates fall
a. firms want to borrow more for new plants and equipment and households want to borrow more for homebuilding.
b. firms want to borrow more for new plants and equipment and households want to borrow less for homebuilding.
c. firms want to borrow less for new plants and equipment and households want to borrow more for homebuilding.
d. firms want to borrow less for new plants and equipment and households want to borrow less for homebuilding.