When Unemployment Is Low

question 45

Multiple Choice

When unemployment is low,

• A) jobs are hard to find.
• B) employers compete against many other employers for new workers.
• C) workers compete against many other unemployed workers.
• D) employers have an advantage in bargaining over wages.
• E) employers can choose from a large number of applicants for a job.

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Definitions:

Classical Theorist

refers to scholars from earlier periods whose works form the foundations of a discipline, such as Socrates in philosophy or Adam Smith in economics.

Hobbes

Refers to Thomas Hobbes, a 17th-century philosopher known for his social contract theory, which posits that people agree to surrender some freedoms to a ruler or government in exchange for security and social order.

Enlightenment Thinking

A philosophical movement of the 17th and 18th centuries emphasizing reason, individualism, and skepticism of traditional doctrines, leading to advances in science, politics, and human rights.

Conservative Reaction

A response, typically by right-leaning groups, towards preserving traditional values and resisting changes to social or political structures.