Which of the following is NOT an assumption used in deriving a production possibilities curve?
A) The labor force is growing at a constant rate.
B) Resources are fully employed.
C) Technology is constant.
D) The quantity of resources is constant.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is only one Nash equilibrium. 2. The Battle of the Sexes game has two Nash equilibria, neither of which is Pareto optimal. 3. All outcomes in the Copycat Game are Nash equilibria. 4. A solution concept is any way of analyzing a game which leads to the discovery of a Nash equilibrium which solves the game. 5. The concept of Nash Equilibrium is an important solution concept because it helps make predictions.
Structural unemployment exists when
A. the government decides who is unemployed. B. there are too few workers to fill available jobs. C. there is a mismatch between worker skills and employer needs. D. the construction industry lays workers off.