Structural Unemployment

question 216

Multiple Choice

Structural unemployment

• A) arises from a mismatch between available jobs and workers' skills or geographic location
• B) is short-term joblessness experienced by those re-entering the labor force after a long absence
• C) occurs because of changes in seasons,tourist patterns,and similar factors
• D) does not occur when the economy is at full employment
• E) is joblessness resulting from business cycle movements

Identify methods of rationing and their effects on the market.

Examine the effects of changes in production costs and consumer preferences on the market.

Recognize the role of government interventions in the market.

Analyze the consequences of external changes on market supply and demand.

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than another entity, facilitating beneficial trade.

Autarky

An economic system where a region or country is self-sufficient and has no trade with the outside world.

Specialization

The situation in which each person specializes in the task that he or she is good at performing.

Absolute Advantage

The ability of an individual or economy to produce a good or service more efficiently than competitors using the same amount of resources.