A teenager is not able to find a job because the legal minimum wage is higher than the wage that firms are willing to offer. This situation is an example of:
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. efficient unemployment.
Ans: B. structural unemployment.
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Use the following supply and demand graph for product X to answer the question below. 
If there are positive externalities from the consumption of product X, then the socially optimal demand curve would be
A. an upward-sloping line. B. to the left of line D on the graph. C. at the position of line D on the graph. D. to the right of line D on the graph.
Which of the following are TRUE for discount bonds?
A) A discount bond is bought at par. B) The purchaser receives the face value of the bond at the maturity date. C) U.S. Treasury bonds and notes are examples of discount bonds. D) The purchaser receives the par value at maturity plus any capital gains.
The actions of the Fed: a. must be approved by the president and Congress
b. must be approved by the president alone. c. must be approved by Congress alone. d. are not subject to approval by any branch of government. e. are subject to the approval of the electorate.
If the demand in a perfectly competitive market decreases, the price will:
A. temporarily increase. B. increase permanently. C. temporarily decrease. D. decrease permanently.