When a group of workers finds that their job skills and work experience have become obsolete and are not needed by industry, this type of unemployment is:
a. Search
b. Structural
c. Frictional
d. Cyclical
b. Structural
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If a 20 percent increase in the price of a good does not change the quantity supplied, the
A) supply is perfectly inelastic. B) supply is unit elastic. C) supply is perfectly elastic. D) supply is elastic. E) None of the above answers is correct.
The pre-Keynesian or classical economic theory viewed the long-run aggregate supply curve for the economy to be:
a. horizontal at the full-employment level of real GDP. b. positively sloped at the full-employment level of real GDP. c. vertical at the full-employment level of real GDP. d. backward bending at the full-employment level of real GDP.
List the various reasons that contributed to the financial crisis that occurred in 2008
Adding together the growth rate of labor input and the growth rate of labor productivity yields the growth rate of
a. nominal GDP. b. actual GDP. c. potential GDP. d. final GDP.