Many Economists Attribute Part of the Recent Increase in European

question 97

Multiple Choice

Many economists attribute part of the recent increase in European unemployment to:

• A) high birthrates.
• B) slow rates of technological change.
• C) generous benefits for unemployed workers.
• D) increased demand for unskilled workers.

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Definitions:

Substitutes

Goods that can serve as replacements for one another; when the price of one increases, demand for the other increases.

Elastic Demand

A situation in which the demand for a good or service is sensitive to price changes, meaning a small change in price leads to a significant change in the quantity demanded.

Total Revenue

The total amount of money a company receives from sales of its products or services, calculated by multiplying the price per unit by the number of units sold.

Delicatessen

A retail establishment that sells a selection of fine, unusual, or foreign prepared foods.