What type of unemployment is experienced by a Latin teacher who is laid off after 25 years of teaching at a high school because the school changed Latin from being a required to an elective course?
a. classical
b. cyclical
c. voluntary
d. structural
e. frictional
D
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Those who view education as a sorting mechanism emphasize that employers value
a. the skills that people who attend college have already acquired before they enter college. b. the docility and deference to authority learned in the classroom. c. the analytic ability of the highly educated worker. d. the work habits picked up in the home and school.
The labor-force participation rate equals the percentage of the total adult population that is in the labor force
a. True b. False Indicate whether the statement is true or false
Suppose the DeBeers company exercises monopoly power in the distribution of diamonds. This year, the company earns economic profits and maximizes profit. This implies that the price of diamonds per carat will
a. exceed the marginal cost of diamonds, but be equal to the average cost of diamonds. b. be equal to the marginal cost of diamonds. c. exceed both the marginal cost and average cost of diamonds. d. be equal to the average cost of diamonds.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.