Suppose you find yourself laid off from your current job, and the best advice your economist gives you is that you should"retrain" and obtain new skills because your current skills are technologically obsolete. Ceteris paribus, it follows that youare most likely a victim ofunemployment.O a. frictionalO b. structuralOc. cyclicalO d. efficiency wageNext pagege

Unemployment is a situation referring to individuals who are able to work and actively seeking a job…

Answered: Suppose you find yourself laid off from…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Explain the difference between frictional unemployment and structural unemployment. Be sure to provide appropriate example of each.
Job search is the activity of looking for job. OA. a permanent full-time B. an acceptable vacant O C. a long-term OD. a well-paid
The Okun relationship in the Philippines disappears when one uses underemployment rather than unemployment likely because: the best measure of labor outcomes is instead labor underutilization (adding the ranks of unemployed and underemployed). O b. most of the poor can be found among the ranks of the underemployed. O c. during recessions or times of slow growth, people tend to shift from one bad job to a worse job. O d. there was a change in the definition of underemployment in 2005 that disrupted the series.
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If the current seasonally adjusted unemployment rate is 8.5%, how much of this percentage is due to cyclical unemployment? a. About 3.5% points. O b. About 2.0% points. Oc. About 3.0% points. O d. About 2.5% points
1. Consider the classic competitive labor market. W S L DL Which of the following statements is most accurate? If the actual wage is stuck above the equilibrium wage (perhaps via labor contracts) and then increases further (with no shifts in demand and supply of labor), then the unemployment rate would increase. If the actual wage were stuck above the equilibrium wage, an increase in demand for labor (rightward shift) would make the unemployment rate go higher. If the actual wage is stuck above the equilibrium wage, the wage will tend to rise further once the stickiness of wages is gone (perhaps due to labor contracts being up for renewal. O None of the other options. ○ If the actual wage were stuck above the equilibrium wage, we would have a shortage of workers (excess demand for labor).
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Efficiency wages exist when wages are... O a. Such that cyclical unemployment is zero. Ob. Just high enough to induce a worker to take a job. c. Equal to the market wage. O d. High enough above market levels that workers increase their productivity. O e. Such that the NAIRU is zero.
Look at this graph of real wage index in England between 1260 and 1800. Consider also that, in the bubonic plague of 1348 and 1351, between one quarter and one third of Europe's population died. M. Bubonic Statute of plague Labourers 140 100 1260 1348 1800 2000 100 40 Kett's rebellion Peasants Glorious Revolution rebellion 20 1260 1320 1380 1440 1500 1560 1620 1680 1740 1800 Select one or more: O a. According to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague. O b. The doubling and halving of the real wage index over 250 years from around 1350 cannot be explained by the Malthusian model. O C. The fall in the unskilled workers' share of total output in the 17th and. 18th centuries was due to the fall in their average product of labour. O d. In the Malthusian model, the rise in real wages from 1800 onwards, at the same time as the rise in…
Digicel buys out Claro Jamaica and lays off Claro's administrative staff. Claro's administrative staff is Select one: a. frictionally unemployed. O b. cyclically unemployed. O c. seasonally unemployed. O d. not in the labour force. e. structurally unemployed.
Unemployment that occurs from fundamental technological changes in the production, or from the substitution of new goods for traditional ones, is known as: structural unemployment. O frictional unemployment. O underemployment. O cyclical unemployment.

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