Of the following, what is the best example of structural unemployment?
a) a computer programmer who quits her job to move to a warmer climate
b) a construction worker who loses his job in the winter
c) an auto worker who loses her job during a recession
d) a steel worker who is replaced by a robot
e) a toymaker who worked for a company that closed because consumers did not buy its toys
Ans: d) a steel worker who is replaced by a robot
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Declining real GDP for two quarters in a row is often called a recession
Indicate whether the statement is true or false
Economists initially viewed the Phillips curve as a structural relationship, meaning that the relationship between the two measured variables
A) can change only slightly over time. B) can change greatly over time. C) will not change over time. D) will change in the short run but not in the long run.