Unemployment/Inflation

When individuals lose jobs due to a downturn in our business cycle, often during an economic recession can be considered part of this group.

• Structural Unemployment

• Cyclical Unemployment

• Frictional Unemployment

• Seasonal Unemployment

When individuals are unemployed due to a lack in skills that modern industries need, change in technology or a change in consumer demand, are likely part of this group.

• Cyclical Unemployment

• Frictional Unemployment

• Structural Unemployment

• Seasonal Unemployment

When an individual is unemployed because they are looking for a new job.

• Frictional Unemployment

• Cyclical Unemployment

• Structural Unemployment

• Seasonal Unemployment

Individuals who are unemployed due to a change in season, e.g. Santa Claus after Christmas would be considered this.

• Seasonal Unemployment

• Frictional Unemployment

• Structural Unemployment

• Cyclical Unemployment

Which of the answers is the sum of the employed and the unemployed?

• Employed

• Unemployment

• Labor Force

Which of these is the Unemployment Rate formula?

• (Unemployed/ Labor force) * 100

• (Employed/ Unemployed) * 100

• (Labor force/ Employed) * 100

Which of the following statements is true of an economy at its "natural

rate of unemployment"?

• Everyone who wants to work is working

• The economy is producing at its potential and it has zero cyclical unemployment

• The economy is only experiencing cyclical unemployment

• The economy is producing beyond the PPF The economy is producing beyond the PPF

Which type of unemployment consisting of search unemployment and wait unemployment ( for workers who are either searching for jobs or waiting to take jobs in the near future)???

• frictional

• cyclical

• functional

• structural

When individuals are searching for greener pastures or are looking for a better job, what type of unemployment is this considered?

• frictional

• cyclical

• structural

• seasonal

A snow ski instructor is considered

• seasonally unemployed in the summer

• especially talented if she can get that ski boat back up the hill

• frictionally unemployed

• structurally unemployed when he feels discouraged