A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is

A biennial budget: a. is more useful than an annual budget as a tool of discretionary fiscal policy

b. is implemented by the federal government, while an annual budget is implemented by state governments. c. would ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget. d. would encourage cabinet members to focus more on running their agencies rather than being involved in budget deliberations. e. would require shorter-term economic forecasts than an annual budget.

Unemployment that is of a short duration to allow time to find a new job is:

a. structural unemployment. b. cyclical unemployment. c. frictional unemployment. d. durational unemployment.