What causes structural unemployment?
a. workers searching for suitable jobs and firms looking for suitable workers
b. the persistent mismatch of workers’ skills and the requirements of jobs
c. short-term cyclical fluctuations in the economy
d. short-term seasonal fluctuations in the job market
b. the persistent mismatch of workers’ skills and the requirements of jobs
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Labor productivity rises when
A) average worker output rises. B) nominal wages fall. C) average worker output falls. D) business investment falls.
Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat and refunded the overcharged amount. If the profit increases to $7.50 per fish, what was the value of the refund from the dealer?
a. $2.50 b. $25,000 c. $3.50 d. $35,000 e. $75,000