We Would Expect Households to Have Incomplete Information About

question 60

Multiple Choice

We would expect households to have incomplete information about:

• A)their own wage rate.
• B)products they purchase frequently.
• C)products purchased occasionally like an automobile.
• D)all of the above.

---

Definitions:

Unemployment Rate

The percentage of the labor force unemployed at any time.

Technological Advance

The development and application of innovative processes, equipment, or software that enhances productivity, efficiency, or quality.

Farmers

Individuals or entities engaged in the activity of agriculture, which includes the cultivation of plants and rearing of animals for food, fiber, biofuel, medicines, and other products used to sustain and enhance human life.

Optimal Allocation

The most efficient distribution of resources within an economy to maximize the output or welfare.