Describe the three types of unemployment
What will be an ideal response?
Frictional unemployment is short-term unemployment that arises from the process of matching workers with jobs. Structural unemployment arises from a persistent mismatch between the skills and attributes of workers and the requirements of jobs. Cyclical unemployment is caused by a business cycle recession.
You might also like to view...
If there is a surplus of a good, the quantity demanded is ________ the quantity supplied, and the price will ________
A) less than; rise B) less than; fall C) greater than; rise D) greater than; fall E) equal to; fall
Using Figure 1.5, if an economy has the capacity to produce represented by PP2, then point E represents
A. A combination of potato chips and doughnuts that is not attainable. B. A constant trade-off between potato chips and doughnuts. C. An efficient use of resources. D. None of the choices are correct.
Many banks offer accounts featuring “Automatic Transfer from Savings” allowing customers to overdraw checking accounts and the bank will transfer enough funds to cover the check automatically. Most likely, what is the effect of this feature on velocity?
A. Velocity will decrease. B. Velocity will increase. C. Velocity will remain constant. D. Velocity is unrelated to saving accounts.
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point directly to the left of it. Assuming that the PPF has not shifted, this could be due to
What will be an ideal response?