When Joe, Who Is Among the Highest-Paid Workers in a Field

question 280

Multiple Choice

When Joe, who is among the highest-paid workers in a field in which there are numerous job openings across the nation, recently became unemployed, his opportunity cost of job search is

• A) average, so the length of his period of unemployment is likely to be long.
• B) relatively high, so the length of his period of unemployment is likely to be short.
• C) relatively low, so the length of his period of unemployment is likely to be long.
• D) relatively high, so the length of his period of unemployment is likely to be long.

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Definitions:

Protectionism

A government policy aimed at restricting international trade to protect domestic industries from foreign competition by imposing tariffs or quotas on imports.

Outsourcing of Jobs

The practice of hiring external firms or individuals to perform tasks, handle operations or provide services that are either difficult to manage or are outside the company's core competencies.

Economic Integration

The process by which different countries reduce or eliminate barriers to trade and movement of resources among them to create a more unified and efficient market.

Quota

A restriction placed on the amount of a product allowed to enter or leave a country.