Teenage unemployment is substantially higher than unemployment among prime-age workers because teenagers
a. are more likely to switch jobs and move into and out of the labor force.
b. are less likely to be in the labor force than are older workers since many teenagers are still in school.
c. are more likely to be in the armed forces, therefore, they're counted as unemployed.
d. generally think they can find jobs that are available only to experienced, highly skilled workers if they just search diligently enough.
A
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The Nash equilibrium in a Bertrand game in which firms produce perfect substitutes and have equal marginal costs is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.
The text shows that income elasticity for books is 1.44 . This means that
a. books are income inelastic b. books are price inelastic c. there's a 144 percent increase in book sales when income rises 10 percent d. there's a 44 percent increase in book sales when income rises 10 percent e. there's a 1.44 percent increase in book sales when income rises 1 percent