When various firms fail because their output is not demanded by society, workers may suffer
a. structural unemployment.
b. frictional unemployment.
c. seasonal unemployment.
d. cyclical unemployment.
d
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A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
The race-to-the-bottom concept described in the text refers to
A) the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry. B) the situation in which human rights are not respected by trading countries. C) adopting the standards of a few selected middle-income and high-income countries. D) the use of low per-capita income as a means of comparing the well-being of individuals. E) None of the above.