Unemployment & the Business Cycle

The Lowest point in the business cycle

• Peak
• Trough
• Expansion
• Contraction

The HIGHEST Point in business cycle

• Peak
• Trough
• Contraction
• Recession

Which type of unemployment do lifeguards experience? 

• Seasonal
• Structural/Technological
• Cyclical
• Frictional

What type of unemployment do recent college graduates experience while looking for a job?

• Seasonal
• Structural/Technological
• Cyclical
• Frictional

What type of unemployment did people experience during the Great Depression?

• Seasonal
• Structural/Technological
• Cyclical
• Frictional

Increasing unemployment and decreasing GDP is a sign of what part of the Business Cycle?

• Expansion
• Peak
• Contraction
• Hot Cheetos

What term is used to describe the percent of the labor force that does not have a job but is currently looking for one?

• Leading economic indicator
• Full employment
• Unemployment rate
• Structural unemployment

Which term describes the phases of expansion and contraction in an economy over time?

• Recessions
• Business cycles
• Output yo-yos
• Total product oscillations

The phase of a business cycle in which real GDP reaches the lowest level is the.

• Recession
• Depression
• Recovery
• Trough

Which of the following statements would be classified as “full employment’?

• Everyone who wants to work has a job

• Approximately 95% of people have a job

• People who have been hunting for a job for a long time

• Everyone who wants to work have full time jobs