The lemons model is used to analyze:
A. markets with asymmetric information.
B. the market for citrus fruit.
C. the Low-Hanging-Fruit Principle.
D. markets in which search is costly.
Answer: A
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List three ways the measured unemployment tends to understate the unemployment problem
What will be an ideal response?
Fact: The lowest 20% of U.S. family incomes in the U.S. has fallen from 4.8% to 3.8% between 1960 and 2010. Your authors argue that
A) this is clear evidence that the poor have gotten poorer. B) this is primarily the result of a general decline of the power of labor unions in America. C) while their percentage of national income has fallen, real GDP has increased over 4 times during the past 50 years, and so those persons actually earned much more income than before. D) none of the above are true.