Refer to Table 9-3. If the required reserve ratio is 10% and the market interest rate is 6%, then the opportunity cost of holding excess reserves is

Scarcity is illustrated graphically by a production possibilities frontier

a. True b. False Indicate whether the statement is true or false

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.