Unemployment that results when there are more people seeking jobs in a labor market than there are jobs available is called:
What will be an ideal response?
structural unemployment.
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In the long run, the firms in a perfectly competitive market
A) maximize their profit. B) make an economic profit. C) display price setting behavior. D) are protected by barriers to entry.
Which statement is true?
A. In China today, the private sector produces no more than 10% of the country's goods and services. B. Under communism in the Soviet Union, the private sector was almost as large as the government sector. C. In the American economy today, the public sector is almost as large as the private sector. D. None of the statements are true.
One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm is that in the short run,
a. output is not variable. b. the number of workers used to produce the firm's product is fixed. c. the size of the factory is fixed. d. there are no fixed costs.
Which of the following is least responsible for the reduction in mortality rates in Europe and North America?
a. Reduced exposure to diseases b. Clean water and waste disposal c. Better nutrition and housing d. Improved sanitary conditions e. More effective medical interventions