Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is
a. structurally unemployed. Structural unemployment exists even in the long run.
b. structurally unemployed. There is no structural unemployment in the long run.
c. frictionally unemployed. Frictional unemployment exists even in the long run.
d. frictionally unemployed. There is no frictional unemployment in the long run.
c
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How does time preference affect one's willingness to invest in human capital?
A) A higher rate of time preference tends to increase human capital investment. B) A higher rate of time preference tends to decrease human capital investment. C) A lower rate of time preference tends to decrease human capital investment. D) Economists have found no relationship between time preference and human capital investment.
A price floor policy establishes a minimum price for a market, and the policy is said to be binding if the market equilibrium price is less than the floor price. What impact does a binding price floor have on the market outcome?
A) Excess supply B) Excess demand C) Shortage D) No impact, and the market price and quantity equal their equilibrium values