Frictional Unemployment Occurs Because

question 40

Multiple Choice

Frictional unemployment occurs because:

• A)labor markets are heterogeneous and dynamic.
• B)structural barriers such as unions and minimum wage laws keep wages too high to clear the labor market.
• C)there are long-term mismatches between workers skills and jobs available.
• D)the economy is experiencing a period of unusually low production.

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Definitions:

Downtime

The period during which an operation, system, or machine is not functional or productive.

Just-In-Time (JIT)

Continuous and forced problem solving via a focus on throughput and reduced inventory.

Inventory

A company's stock of goods, materials, and products held to fulfill future sales or production needs.

Product-Based Definition

Characterization of a product strictly in terms of its physical attributes and features.