A lumberjack loses his job because timber cutting restrictions were imposed by the EPA to protect the spotted owl habitat. This lumberjack would be
A) frictionally unemployed.
B) cyclically unemployed.
C) structurally unemployed.
D) seasonally unemployed.
Answer: C
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When the price of a commodity falls, we can expect
A. total utility will fall. B. marginal utility of the last unit purchased will fall. C. marginal utility of the last unit purchased will rise. D. purchases will fall because of a change in marginal utility.
If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
a. immediately after the price increase b. one month after the price increase c. three months after the price increase d. one year after the price increase
A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called:
A. marginal cost. B. average total cost. C. variable cost. D. fixed cost.
What is the crime externality associated with education?
A. A well-educated person earns higher income and commit less crime. B. A well-educated person runs for office and steals from society. C. A well-educated person implements policies that benefit other educated individuals. D. Schools and universities are a rip-off. Every worker in this university is a criminal.