Unemployment!

Front

What is the definition of unemployment?

Back

The state of being without a job despite actively seeking work

Front

Which type of unemployment is always present and is an acceptable indication of a healthy economy?

Back

Frictional Unemployment

Front

What is an example of structural unemployment? A college graduate searching for their first job, A ski instructor unemployed in summer, Factory workers losing jobs due to automation, Retail workers laid off during a recession

Back

Factory workers losing jobs due to automation

Front

Which type of unemployment is directly tied to the business cycle?

Back

Cyclical Unemployment

Front

What components make up the natural rate of unemployment?

Back

Frictional + Structural Unemployment

Front

What is a key idea about unemployment in a healthy economy?

Back

Some unemployment exists.

Front

Which of the following is an economic cost of unemployment? Increased consumer spending, Loss of GDP, Improved quality of life, Decreased government spending.

Back

Loss of GDP.

Front

What is one social cost of unemployment?

Back

Increased poverty and inequality.

Front

What is a consequence of reduced consumer spending due to unemployment?

Back

Economic stagnation.

Front

Which of the following is a psychological impact of unemployment?
Options:
Increased quality of life.
Decreased quality of life.
Improved mental health.
Higher social status.

Back

Decreased quality of life.