How would you best describe a manufacturing employee who has been fired because he was replaced by a robot (new technology) and does not have the skills necessary to help operate the robot?
A) job leaver
B) entrant/reentrant
C) cyclically unemployed
D) structurally unemployed
D
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The first economist to point out the importance of specialization of labor was
A. Leonardo da Vinci. B. Adam Smith. C. David Ricardo. D. John Maynard Keynes. E. Enrico Caruso.
A restaurant sells a large soft drink at a fixed price of $1.79. A term used by economists to describe the money received from the sale of an additional large soft drink is
A) pure profit. B) marginal revenue. C) gross earnings. D) net benefit.
An important characteristic of the modern payments system has been the rapidly increasing use of
A) checks and decreasing use of currency. B) electronic fund transfers. C) commodity monies. D) fiat money.
Refer to Figure 11.1. Assume the economy is in equilibrium at 1 = 0. Other things equal, a negative demand shock such as the financial crisis of 2007-2009 would result in a movement from point ________ to point ________
A) A; B B) B; A C) A; C D) A; D