Explain the differences between frictional unemployment and structural unemployment
What will be an ideal response?
Frictional unemployment refers to unemployment that arises because it takes time for an unemployed worker to find a firm with a well-matched job vacancy. This is generally unemployment arising from the process of job search, which normally takes time. On the other hand, structural unemployment arises when there is a persistent gap between the quantity of labor supplied and demanded.
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If negative externalities are present in a market, ________
A) the price charged in the market is higher than the socially optimal price B) the quantity supplied in the market is larger than the socially optimal level C) the marginal social cost of production is lower than the marginal private cost D) the average cost of production exceeds the marginal cost of production at all output levels
Arrow's impossibility theorem tells us:
A. political pressures will always corrupt a voting system, making none ideal. B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system. C. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held. D. no voting system can ever attain all four criteria for an ideal voting system.