The Demographic Explanation for the Changes in the U

question 6

Multiple Choice

The demographic explanation for the changes in the U.S. natural rate of unemployment over the past 50 years rests on the idea that:

• A)younger workers have higher rates of unemployment.
• B)younger workers have lower rates of unemployment.
• C)baby-boom workers were more productive than other workers because they had greater access to technology.
• D)baby-boom workers had higher than usual rates of job finding.

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Definitions:

Average Total Cost

The total cost divided by the quantity of output produced, representing the average cost per unit of output.

Short-Run Supply Curve

A graphical representation showing the quantity of a good or service that producers are willing and able to sell at different prices over a short period, holding other factors constant.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good changes as the production volume changes.

Average Variable Cost

The total variable costs of production divided by the quantity of output produced, representing the variable cost per unit of output.