Workers in a Country Are Unable to Find Jobs That

question 93

Multiple Choice

Workers in a country are unable to find jobs that match their qualifications and the employers are unable to find employees with the skills required to perform the job.This has led to ________ unemployment in this country.

• A) frictional
• B) seasonal
• C) structural
• D) cyclical
• E) intrinsic

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Definitions:

Market Failure

A scenario where the free market fails to allocate resources efficiently, resulting in negative impacts on social welfare.

Pareto Optimality

The scenario in which resources are allocated in a manner that prohibits enhancing one individual's situation without negatively impacting another's.

Lost Surplus

Refers to the reduction in the combined consumer and producer surplus, often caused by inefficiencies in a market, such as taxes, tariffs, or other forms of market intervention.

Market Failure

A situation in which market forces, such as supply and demand, fail to allocate resources efficiently, often justifying government intervention.