During the 1970s, When Handheld Calculators Became Popular and Replaced

question 98

Multiple Choice

During the 1970s, when handheld calculators became popular and replaced slide rules in performing computations, workers in the slide rule industry lost their jobs. These workers' unemployment status is

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

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Definitions:

Consumer Price Index

An index measuring the change in price of a standard basket of goods and services, reflecting the cost of living.

GDP Price Index

A measure that reflects the prices of all goods and services included in the Gross Domestic Product, indicating the overall level of inflation or deflation in the economy.

Price Level

An indicator of the typical cost of products and services within an economy at a specific time.

Price Level

An indicator that measures the average of current prices across the entire spectrum of goods and services produced in the economy.