Equilibrium in the Labor Market

question 343

Multiple Choice

Equilibrium in the labor market

• A) cannot occur if the production function is shifting upward.
• B) occurs when actual GDP is equal to potential GDP
• C) means that resources are allocated inefficiently
• D) can happen only when real GDP exceeds potential GDP.

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Definitions:

Dysfunctions

Elements or aspects of a society that may disrupt or harm its stability and functionality.

Social Order

The arrangement of practices and behaviors on which society’s members base their daily lives, aimed at maintaining stability and predictability.

Conflict Theory

A theory that views social and economic institutions as tools of the struggle between groups or classes, used to maintain inequality and the dominance of the ruling class.

Functionalism

A theoretical framework in sociology that emphasizes the interconnectivity and interdependence of societal institutions and their roles in maintaining social order.