In 1933 the unemployment rate was about 25%. This percentage
(a) is probably quite accurate because the data on unemployment collected by the federal government was quite good at the time.
(b) is probably too high because some people with jobs claimed to be unemployed so
that they could collect unemployment compensation payments.
(c) is probably too low because there were discouraged and underemployed workers.
(d) is probably meaningless because the data on unemployment was either very poor
or nonexistent.
(c)
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Suppose you have $400 and the inflation rate is 5 percent. In order to earn a real return of $16 on your investment, the nominal interest rate needs to be near
A) 0 percent. B) 4 percent. C) 6 percent. D) 9 percent.
If suppliers expect an increase in price, they will reduce the current supply of a good
a. True b. False
The Coase theorem will hold only if:
A. people can make enforceable agreements. B. there are no transactions costs. C. Both of these must hold true. D. Neither of these must hold true.
If each player responds by imitating the action of his opponent in the previous round of a repeating game, the players are following a:
A. commitment strategy. B. collusion plan. C. repeated cooperation agreement. D. tit-for-tat strategy.