Marginally attached workers fall into which of the following population categories?
A) employed
B) unemployed
C) labor force
D) not in the labor force
D
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If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is
A) $15 and 50 hours. B) $10 and 100 hours. C) $10 and 50 hours. D) $5 and 50 hours.
According to classical economists, inflation occurs when the annual rate of growth in the money supply
a. exceeds the annual rate of growth of full-employment real GDP b. equals the annual rate of growth of full-employment real GDP c. exceeds the annual rate of growth of money velocity d. is less than the annual rate of growth of money velocity e. is less than the annual rate of growth of full-employment nominal GDP
Build-Right Concrete Products produces specialty cement used in construction of highways. Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form:Q = aPbMc
where Q = yards of cement demanded monthly, P = the price of Build-Right's cement per yard, M = state tax revenues per capita, and PR = the price of asphalt per yard. The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below: 
height="198" width="577" /> Given the above, the estimated demand for cement is A. elastic because E = -1.5. B. inelastic because E = -0.32. C. elastic because E = -4.0. D. elastic because E = -2.0. E. inelastic because E = -0.8.
What is money? Explain in terms of the functions of money.
What will be an ideal response?