If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then there would be no
a. cyclical unemployment.
b. frictional unemployment.
c. natural rate of unemployment.
d. structural unemployment.
b
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Which of the following statements is true?
A) Optimization is an easy process, and all economic agents are perfect optimizers. B) Optimization implies choosing the best option from a set of alternatives. C) It is easier for a person to optimize when he has less information. D) People always successfully optimize given the limited information they have.
Exchange rates are 100 yen per dollar, 0.8 euro per dollar, and 12 pesos per dollar. A bottle of beer in New York costs 6 dollars, 500 yen in Tokyo, 6 euro in Munich, and 84 pesos in Cancun. Where is the most expensive and the cheapest beer, in that order?
a. Cancun, New York b. Munich, Tokyo c. Tokyo, Munich d. New York, Cancun