Answer the following questions true (T) or false (F)
1. Eliminating structural unemployment would be good for the economy.
2. The full-employment rate of unemployment is zero.
3. The unemployment rate in the United States is typically lower than in Western Europe because the United States has tougher requirements for the unemployed to receive government payments.
1. FALSE
2. FALSE
3. TRUE
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Which of the following statements about the perfect competitor is INCORRECT?
A) The perfectly competitive firm is always a price taker. B) The perfect competitor sells a homogeneous commodity. C) If an individual firm raises price, it will lose business. D) The products made by a perfectly competitive firm have no close substitutes.
The free rider problem suggests that a producer will tend to: i. produce more than the optimal quantity of a public good. ii. produce less than the optimal quantity of a public good. iii. produce the optimal quantity of a public good if it is funded out of tax revenue
a. (i) only b. (ii) only c. (i) and (iii) only d. (ii) and (iii) only