Why is the line between frictional and structural unemployment sometimes hard to draw?
What will be an ideal response?
Suppose a highly skilled steel worker is laid off because his company shuts down its plant in his area and moves to a new location overseas. The worker would like to find a comparable job, but only low-wage, unskilled work is available in his town. Jobs are available, but not his kind of job; and the steel company will not come back. There is really no correct answer as to whether this is frictional or structural unemployment.
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The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function B) commonly referred to as labor productivity C) a variable that depends on how many units of capital and labor are available D) all of the above E) none of the above
The three functions of money are medium of exchange,
a. measure of value, and standard of value. b. measure of value, and store of value. c. standard of value, and store of value d. medium of value, and store of value. e. measure of value, and deferred value.
For society as a whole, producing more of one good or service has an opportunity cost because
a. human wants are limited and resources are unlimited b. both human wants and resources are unlimited c. resources are limited; human wants are irrelevant d. human wants are unlimited and resources are limited e. both human wants and resources are limited
Many gift shops along the ocean shut down during the winter because
a. revenues cannot cover fixed costs b. marginal revenue does not equal marginal cost c. costs are minimized by shutting down d. revenues are maximized by shutting down e. revenues cannot cover variable costs