In 2004, Jamal lost his job as a shipbuilder. His shipyard never reopened, and his very specialized skills as a shipbuilder were no longer in demand. Jamal's unemployment is best classified as _____
a. cyclical
b. structural
c. seasonal
d. frictional
e. voluntary
b
You might also like to view...
The three main components of the aggregate demand—aggregate supply model include
A) AD, SRAS, LM. B) SRAS, LRAS, IS. C) AD, IS, LM. D) AD, SRAS, LRAS.
Suppose that MPL = 100 and MPK = 80. If W = 25 and R = 20, then a firm:
A. is producing its output at the lowest possible cost. B. could reduce costs by employing more labor and less capital. C. could reduce costs by employing more capital and less labor. D. could minimize costs by employing more of both inputs.
The prisoner’s dilemma has implications for the workings of oligopoly markets. The outcome in the prisoner’s dilemma situation for oligopoly firms is
A. beneficial to society, in that the players cannot easily collude, so output is greater, and prices are lower. B. beneficial to the players, since they can maintain a cartel agreement easily. C. of little benefit to society, since the players produce the monopoly output. D. beneficial to no one.
If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product
a. True b. False Indicate whether the statement is true or false