In the above figure, at the real wage rate of 50
A) there is a surplus of 100 billion hours per year.
B) there is a shortage of 100 billion hours per year.
C) there is a surplus of 60 billion hours per year.
D) there is shortage of 20 billion hours per year.
Question 2
Bill loses his job as a loan officer when the bank he works for is bought up by a larger financial institution. Bill has the skills necessary to find a new job, so as Bill searches for work he is best considered an example of
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) a discouraged worker.
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