Daniel was just laid off from his teaching job at the local high school due to state budget cuts resulting from the reduction in tax revenue during the recent economic downturn. Daniel would best be categorized as
A) frictionally unemployed.
B) structurally unemployed.
C) cyclically unemployed.
D) seasonally unemployed.
C
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Elasticity of demand is likely to be higher for less-expensive goods, other things being equal.
Answer the following statement true (T) or false (F)
Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
A) The market wage for trained nurses is currently above the equilibrium wage. B) There is currently a surplus of nurses in this market. C) The market wage for nurses will eventually rise to the market clearing wage. D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.
Fashion Buyers I A buyer for a department store must decide on which designs the stores will carry before he knows what the demand will be in the coming season. Choosing a poorly demanded design means lots of unsold merchandise and losses that are
$200,000 on average. Passing on a highly demanded design means unsold merchandise and missing out on profits that are $300,000 on average. What probability of a design's success should he be in order to choose to carry it?
What effect would a Federal balanced budget requirement have on automatic stabilizers?
a. They would be stopped because in a recession automatic stabilizers increase the deficit by automatic spending. b. They would be stopped because in a recession automatic stabilizers decrease the deficit by automatic spending. c. They would become more important because in a recession they would increase spending and taxes automatically. d. They would become more important because in a recession they would decrease spending and taxes automatically.