People who are unemployed because wages are, for some reason, set above the level that brings labor supply and demand into equilibrium are best classified as
a. cyclically unemployed.
b. structurally unemployed.
c. frictionally unemployed.
d. discouraged workers.
b
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All of the following statements about the Nonpoint Source Management Program are correct EXCEPT
a. It was enacted as part of the Water Quality Act of 1987. b. It is to be implemented by states with federal approval. c. The federal government offers no funding for the program. d. States are to implement a 3-part plan comprising reporting, program development, and program implementation.
The desire to hold money to undertake unexpected transactions would define the _____ motive for holding money.
Fill in the blank(s) with the appropriate word(s).
On an afternoon that a class meets, you could alternatively study for an exam that will take place in another class the next morning, go to a movie with a friend, or, most desirable to you at present, take a nap. The opportunity cost of attending the
afternoon class is A) forgoing the nap. B) missing seeing the movie with your friend. C) giving up the time to study for the next morning's exam. D) being unable to engage in all three of the above activities.
The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A. the price of the good concerned in the law of demand. B. consumer income. C. the prices of substitutes. D. tastes and preferences.