Long-Run Unemployment in the Classical Model Is Considered to Be

question 227

Multiple Choice

Long-run unemployment in the classical model is considered to be impossible because

• A) the government will intervene to aid the unemployed.
• B) job placement and training programs are rampant in the United States.
• C) flexible prices and wages keep workers fully employed.
• D) the labor supply is horizontal.

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Definitions:

Nitroglycerin

A highly explosive liquid used medically as a vasodilator to treat heart conditions and industrially in the manufacture of explosives.

Commercial Explosive

Materials or chemicals used in the construction and mining industries, among others, to demolish or move materials through controlled explosions.

Dynamite

An explosive made of nitroglycerin, sorbents (like silica), and stabilizers, invented by Alfred Nobel and used in mining and construction.

Nonvolatile Solute

A solute that does not easily vaporize into gas under existing conditions, typically leading to an increase in the boiling point of the solvent when dissolved.