Which of the following correctly defines the term "equilibrium"?
A) It refers to analysis that uses data to arrive at conclusions.
B) It refers to a situation where all agents are simultaneously optimizing.
C) It refers to an optimizing decision made by an individual economic agent.
D) It refers to government intervention that efficiently allocates scarce resources.
B
Economics
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Natural unemployment equals the sum of
A) cyclical and frictional unemployment. B) cyclical, business, and structural unemployment. C) frictional and structural unemployment. D) business and cyclical unemployment. E) cyclical and structural unemployment.
Economics
If the opportunity cost of producing more of one good increases as more of that good is produced, then the production method is inefficient
Indicate whether the statement is true or false
Economics