Which of the following statements is true?
A) In the United States, the unemployment rate among bachelor degree holders is more than the unemployment rate among high school diploma holders.
B) Unemployment rate is higher among groups with lower educational attainment.
C) More educated workers have a lower opportunity cost of time than less educated workers.
D) The unemployment rate in a country normally increases when the country's economy expands.
B
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The term that is used to refer to a situation in which one party to a transaction has more or better information than the other party is
A) adverse selection. B) asymmetric information. C) moral hazard. D) deceptive trade practices.
Since the marginal product of labor equals the change in the quantity of output divided by the change in the quantity of labor, it stands to reason that:
a. a firm would never operate in the range where marginal product is negative. b. a firm would never operate in the range where marginal product is decreasing. c. marginal product will continually increase as the firm produces more. d. there is no predictable relationship between marginal revenue and marginal cost.