In 2002,the Demand for Construction Workers Increased and the Demands

question 110

Multiple Choice

In 2002,the demand for construction workers increased and the demands for textile and steel workers diminished.This illustrates

• A)frictional unemployment created by a sectoral shift.
• B)structural unemployment created by a sectoral shift.
• C)frictional unemployment created by efficiency wages.
• D)structural unemployment created by efficiency wages.

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Definitions:

Elastic

Describes a situation in which the demand or supply for a good or service significantly changes in response to price changes.

Cross-Price Elasticity

A measure of how much the demand for a product changes when the price of another product changes.

Quantity Demanded

The specific amount of a good or service that consumers are willing and able to buy at a particular price.

Percentage Change

A mathematical calculation that shows how much a quantity has increased or decreased as a proportion of its previous value, usually expressed as a percentage.