Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor demanded?

Structural unemployment is:

A. the result of the ordinary difficulty of matching employee to employer. B. persistent, long-term unemployment. C. short-term unemployment. D. correlated with the ups and downs of the business cycle.

Improvements in and greater stocks of land, labor, capital, and entrepreneurial activity will shift the production possibilities curve: a. outward, such that more goods and services can be produced

b. outward, such that the cost-of-living rises. c. inward, such that the marketplace experiences a decrease in price and output levels. d. inward, because more resources will be used up and not renewed.