How Would You Best Describe a Manufacturing Employee Who Has

question 93

Multiple Choice

How would you best describe a manufacturing employee who has been fired because he was replaced by a robot (new technology) and does not have the skills necessary to help operate the robot?

• A) job leaver
• B) entrant/reentrant
• C) cyclically unemployed
• D) structurally unemployed

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Definitions:

Long Run Aggregate-Supply

In economics, it represents the total quantity of goods and services that producers in an economy are willing and able to supply at a full employment level, regardless of the price level, over a long period.

Long-Run Equilibrium

A state in which all factors of production are optimally allocated, and firms in a competitive market have no incentive to change their output level or enter/exit the industry.

Expected Price Level

The anticipated average level of prices in the economy for goods and services, often considered in the context of inflation expectations.

Aggregate Supply

The total supply of goods and services produced within an economy at a given overall price level in a given period.