Unemployment That Results from Technological Changes That Renders Some People's

question 7

Multiple Choice

Unemployment that results from technological changes that renders some people's skills obsolete is called:

• A)​frictional unemployment.
• B)​cyclical unemployment.
• C)​structural unemployment.
• D)​seasonal unemployment.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Agricultural Market

A marketplace for the buying and selling of agricultural products, such as crops and livestock, often influenced by government policies.

Binding Price Floor

A government-imposed price control or limit that sets a minimum price above the equilibrium price, leading to surplus in the market.

Price Paid

The actual amount of money exchanged for a good or service.