Which of the following statements is true?
A) It is easier for a person to optimize when he has less information.
B) Optimization implies choosing the best option from a set of alternatives.
C) People always successfully optimize given the limited information they have.
D) Optimization is an easy process, and all economic agents are perfect optimizers.
B
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Advocates of unions contend that unions are a necessary antidote to the market power of the firms that hire workers and that unions are important for helping firms respond efficiently to workers' concerns
a. True b. False Indicate whether the statement is true or false
The value of money rises as the price level
a. rises, because the number of dollars needed to buy a representative basket of goods rises. b. rises, because the number of dollars needed to buy a representative basket of goods falls. c. falls, because the number of dollars needed to buy a representative basket of goods rises. d. falls, because the number of dollars needed to buy a representative basket of goods falls.