A Mismatch of the Skills of Unemployed Workers and the Skills

question 196

Multiple Choice

A mismatch of the skills of unemployed workers and the skills required for existing jobs is defined as:

• A) involuntary unemployment.
• B) cyclical unemployment.
• C) structural unemployment.
• D) frictional unemployment.

---

Definitions:

Market Price

The contemporary pricing at which a commodity or service is offered for exchange in the open market.

Economic Profits

The surplus remaining after deducting both explicit and implicit costs from total revenues, often indicating the profitability beyond normal returns.

Competitive Market

A market structure characterized by numerous buyers and sellers, such that no single market participant has the power to significantly influence prices.

Market Price

The current price at which a good or service can be bought or sold.