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Which of the following scenarios are examples of job separation (i.e., workers who quit or were laid off) as a result of creative destruction? Example

Which of the following scenarios are examples of job separation (i.e., workers who quit or were laid off) as a result of creative destruction? Example

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter26: Earnings, Productivity, And The Job Market
Section: Chapter Questions
Problem 10CQ
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Which of the following scenarios are examples of job separation (i.e., workers who quit or were laid off) as a result of creative destruction? Example A company installs a new accounting system that does all the billing automatically, which subsequently shuts down the accounting department. Indeed.com provides an Internet-based job service; as a result, newspaper job offerings shrink and newspapers lay off workers. McDonalds starts selling a popular new product, the "Quadstack," which causes Burger King to lose customers. Burger King then lays off workers. The book retailer Borders laid off 19,000 employees when it went bankrupt in 2011. A regulation is passed that mandates paying workers for 45 days of labor for every year they are with a firm if they are fired or laid off. The day before the legislation goes into effect, three million workers with more than ten years of tenure each are fired. In 2001, there was an economic downturn as a result of a reduction in the valuation of many tech stocks. As a result, companies laid off 1.7 million people. In 1800, over 90% of U.S. workers had jobs in agriculture; by 2017, less than 5% did. Not an Example +
Transcribed Image Text:Which of the following scenarios are examples of job separation (i.e., workers who quit or were laid off) as a result of creative destruction? Example A company installs a new accounting system that does all the billing automatically, which subsequently shuts down the accounting department. Indeed.com provides an Internet-based job service; as a result, newspaper job offerings shrink and newspapers lay off workers. McDonalds starts selling a popular new product, the "Quadstack," which causes Burger King to lose customers. Burger King then lays off workers. The book retailer Borders laid off 19,000 employees when it went bankrupt in 2011. A regulation is passed that mandates paying workers for 45 days of labor for every year they are with a firm if they are fired or laid off. The day before the legislation goes into effect, three million workers with more than ten years of tenure each are fired. In 2001, there was an economic downturn as a result of a reduction in the valuation of many tech stocks. As a result, companies laid off 1.7 million people. In 1800, over 90% of U.S. workers had jobs in agriculture; by 2017, less than 5% did. Not an Example +
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