Answered: Which of the following is an example of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following is an example of structural unemployment

a construction worker loses their jobs because of a housing slump while most of the new job openings are for nurses and other health care professionals

many workers in an area are unable to find employment because the economy is in a recession

an undergraduate student about to graduate searches for a full-time job after graduation

after retiring for a few years, a person begins to look for a part-time job

That an increase in government spending will generate additional changes in consumer spending, creating more jobs, production and even more ripples of additional spending describes

the multiplier process

sticky wage theory

the menu costs hypothesis

the Phillips Curve

Definition Definition Relationship between the rate of unemployment and the rate of inflation that shows that the lower the initial rate of unemployment, the greater the rise in wage rate corresponding to a given rise in the rate of unemployment. The Phillips curve assumes that the ratio between prices and nominal wage rates is constant in the short run. Presented graphically, the Phillips curve shows an inverse relationship between the rate of unemployment and the rate of inflation.

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