Many Industrial Workers Have Been Unemployed and Left Without the Skills

question 80

Multiple Choice

Many industrial workers have been unemployed and left without the skills required in a knowledge-based economy because of:

• A) new social problems, such as long-term unemployment
• B) new types of education that train workers for the knowledge economy
• C) long-standing employment patterns
• D) global trade and new forms of technology
• E) declining enrollment in institutions of higher education

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Definitions:

Marginal Revenue Product

The boost in revenue achieved by adding one more unit of a factor involved in production.

Marginal Product

The additional output that results from using one more unit of a particular input, keeping other inputs constant.

Variable Input

Any resource used in production whose quantity can be changed in the short term to increase or decrease output.

Marginal Revenue Product Curve

A graphical representation showing how the additional revenue generated by employing one more unit of a resource varies with the quantity of the resource employed.