(Last Word) Which of the following best describes why unemployment rates remained high well after the end of the Great Recession of 2007-2009?
A. Falling wages discouraged workers from taking on new employment.
B. The 20 percent of U.S. workers employed at minimum-wage jobs were unable to take
wage cuts.
C. Workers that were initially cyclically unemployed, like construction workers, effectively
became structurally unemployed as they needed to transition to new industries to find
work.
D. Deflation in the economy discouraged spending, preventing output and employment from
recovering.
C. Workers that were initially cyclically unemployed, like construction workers, effectively
became structurally unemployed as they needed to transition to new industries to find
work.
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A recession is a slowdown in the rate of economic growth that
A) causes total income to fall even though total output has not declined. B) is unintended and therefore disappoints people's expectations. C) lowers the nominal level of gross domestic product. D) persists longer than one year. E) results in fewer people being employed.
The three important functions of money are _____
a. medium of exchange, facilitation of trade, and unit of account b. unit of account, facilitation of trade, and store of value c. store of value, facilitation of trade, and double coincidence of wants d. facilitation of trade, medium of exchange, and unit of account e. medium of exchange, unit of account, and store of value
If government forced a firm to charge a price equal to marginal cost in a situation where there are scale economies,
a. new firms would enter the industry. b. the firm would be forced to go bankrupt. c. positive economic profit would grow even larger. d. marginal cost would exceed average cost.
To use the technique of participant observer, a researcher might
What will be an ideal response?