Considering the Changing Labor Market, Which of the Following Strategies

question 66

Multiple Choice

Considering the changing labor market, which of the following strategies would be most likely to prevent high rates of youth unemployment?

• A) to give employers financial incentives to employ undereducated employees
• B) to reform schools so that all students graduate with enough academic skills to enroll in college
• C) to change the age limit of service jobs
• D) to expand employment opportunities in the private sector

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Definitions:

Price Elasticity

How the requirement for a good shifts in relation to changes in its pricing.

Midpoint Method

A technique used to calculate elasticity by taking the average of the initial and final quantities and the initial and final values.

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the unit price times the quantity sold.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.