Structural unemployment is the
A. portion of unemployment that is due to changes in the structure of the economy that result in a significant loss of jobs in certain industries.
B. unemployment that occurs during recessions and depressions.
C. unemployment that results when people become discouraged about their chances of finding a job so they stop looking for work.
D. portion of unemployment that is due to the normal working of the labor market.
Answer: A
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Since most people prefer more money to less, the desire for more money
A) makes it difficult to induce people to cooperate. B) makes it difficult to induce people to sacrifice for the larger public good. C) makes social order highly unstable and unpredictable. D) can induce useful changes in behavior. E) implies people are living in a capitalist society.
When variable inputs are added to a fixed input
A) output increases. B) output can increase at an increasing rate. C) output can increase at a decreasing rate. D) all of these choices are possible.
If property rights are poorly defined
a. no one can really "own" property b. time and energy are wasted in disputes about ownership c. most exchanges are involuntary exchanges d. consumer surplus cannot exist e. producer surplus cannot exist
Explain the circumstances under which some component of labor income is economic rent