In recent years, the Fed has communicated changes in its monetary policy by announcing changes in its policy targets for the:

Beth has just quit her job, moved to a new city, and is looking for a new job. Beth is

A) frictionally unemployed. B) structurally unemployed. C) distance unemployed. D) cyclically unemployed. E) locationally unemployed.

An externality is defined as

a. an opportunity cost that is not considered, which causes inefficiency. b. a social cost that affects parties external to a transaction. c. a transaction which imposes a loss on one of the parties involved. d. a "cost of doing business" that cannot be allocated to any particular good. e. the increase in cost associated with increased production.