Jan Is an Engineer Working for the Roads Department in a Small

question 53

Multiple Choice

Jan is an engineer working for the roads department in a small town in New South Wales. When the government cut spending, Jan and 99 others were laid off. The only other business in the town is growing grapes to be made into raisins, but the growers refuse to hire laid-off engineers, knowing they will leave at the first opportunity. The unemployment Jan is experiencing is:

• A) cyclical.
• B) structural.
• C) permanent.
• D) frictional.

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Definitions:

Surplus

An excess of supply over demand in a market, leading to lower prices, or a situation where income or revenue exceeds expenditures.

Corn Market

The corn market represents the global trade and economics surrounding the production, distribution, and consumption of corn.

Price Support

Government interventions in the market, such as purchasing surplus production or setting floor prices, to ensure that farmers or producers receive a minimum price for their goods, protecting them from market fluctuations.

Corn Market

A marketplace for buying and selling corn, influenced by supply and demand dynamics, weather conditions, and global trade policies.