According to the classical model, if there are too many elementary school teachers in the labor market,
a. the government should institute a retraining program to give the unemployed teachers new job skills
b. the wages for elementary teachers will fall, eventually causing the number of excess teachers to shrink
c. the wage for elementary teachers will increase for those who are employed, but unemployment of teachers will remain high
d. this situation provides an example of cyclical unemployment, which often occurs in the long run
e. people will quit training to become elementary school teachers and soon there will be a shortage in this labor market
B
You might also like to view...
A firm's trademark is protected from misuse if it is registered with the
A) U.S.D.A. B) U.S. Patent and Trademark Office. C) U.S. Supreme Court. D) F.C.C.
If an economy were experiencing a high rate of unemployment as the result of weak aggregate demand, a Keynesian economist would be most likely to recommend
a. a reduction in taxes coupled with a reduction in government expenditures of equal size. b. an increase in government expenditures coupled with an increase in taxes of equal size. c. a reduction in taxes, without any offsetting reduction in government expenditures. d. maintenance of a balanced budget.