If There Were No Factors Keeping Wages from Reaching Equilibrium

question 18

Multiple Choice

If there were no factors keeping wages from reaching equilibrium then there would be no

• A)cyclical unemployment.
• B)frictional unemployment.
• C)structural unemployment.
• D)natural rate of unemployment.

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Definitions:

World System

A viewpoint that emphasizes the global interconnections and dependencies of economies and cultures.

Peripheral Countries

Countries often characterized by their marginal position within the global economic system, typically having less developed economies and depending on core countries for capital.

Raw Materials

The basic material from which a product is made, typically referring to natural resources that are used in production.

GDP

Gross Domestic Product, a monetary measure of the market value of all final goods and services produced in a period by a country.