Which of the following best explains why the rate of unemployment is highest among individuals aged 16 through 19?
a. Teenagers do not have the skills necessary to find jobs.
b. Teenagers change jobs more frequently than do older individuals.
c. Teenagers have a higher labor force participation rate than other age groups.
d. Most teenagers are in school and, for this reason, are not holding jobs.
B
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Why does each of the following facilitate the creation and stability of a cartel?
a. High barriers to entry b. An identical product c. Similar costs
Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
A) The market wage for trained nurses is currently above the equilibrium wage. B) There is currently a surplus of nurses in this market. C) The market wage for nurses will eventually rise to the market clearing wage. D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.