Unemployment that occurs from fundamental technological changes in production, or from the substitution of new goods for customary ones, is known as
a. underemployment
b. seasonal unemployment
c. frictional unemployment
d. structural unemployment
e. cyclical unemployment
D
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If the United States' maximum possible output of any one good is produced, given the output of other goods, we have attained ____________.
Fill in the blank(s) with the appropriate word(s).
In maximizing net gains, the perfectly competitive firm will seek to:
a. minimize average variable cost. b. minimize average total cost. c. minimize marginal cost. d. maximize profit.
Which of the following statements accurately describes a commonality between the classical and Keynesian schools of thought?
a. Prolonged unemployment is impossible over the long run. b. Wages, prices, and interest rates adjust quickly in the short run. c. In the long run an economy returns naturally to its potential output level. d. Prolonged recessions are due to wage inflexibility.
Which of the following explains the changes in the U.S. adult male labor force participation rate since 1948?
A) More men are joining the military as compared to the past. B) More men are retiring later in life as compared to the past. C) Fewer men consider themselves discouraged workers as compared to the past. D) Younger men are remaining in school longer as compared to the past.