Ecos

What is frictional unemployment?

• It happens during economic downturns.

• It occurs when workers are laid off.

• It's when people change jobs or enter the workforce.

• It results from technology replacing jobs.

Give an example of frictional unemployment.

• Working part-time while seeking full-time work.

• Losing your job due to a company going bankrupt.

• Being unable to find a job during a recession.

• Graduating from college and searching for your first job.

Explain structural unemployment.

• It's a temporary phase in the business cycle.

• It's caused by a lack of

• It occurs when workers voluntarily leave jobs.

• It's a mismatch between skills and job requirements.

1. How does technology contribute to structural unemployment?

• 1. It can make some jobs obsolete and require new skills.

• 1. Technology has no impact on employment.

• 1. echnology only affects cyclical unemployment.

• 1. Technology creates more jobs for everyone.

What's cyclical unemployment?

• It's linked to changes in the minimum wage.

• It rises during recessions and falls during economic growth.

• It stays constant regardless of economic conditions.

• It mainly affects seasonal workers.

How can the government address cyclical unemployment?

• Through fiscal and monetary policies during economic downturns.

• Government has no impact on unemployment.

• Government policies only affect structural unemployment.

• Government's focus is mainly on reducing frictional unemployment.

What is seasonal unemployment?

• Seasonal unemployment primarily affects highly skilled workers.

• It occurs in specific industries due to seasonal fluctuations in demand for labor.

• Seasonal unemployment is caused by technological advancements.

• Seasonal unemployment is common during economic booms.

Define voluntary part-time unemployment.

• Voluntary part-time unemployment is forced due to lack of available full-time jobs.

• Voluntary part-time unemployment occurs during economic recessions.

• People choose to work part-time rather than full-time.

• Voluntary part-time unemployment is a result of government regulations.

What characterizes long-term unemployment?

• Long-term unemployment only affects recent college graduates.

• Long-term unemployment is short-lived.

• Long-term unemployment is common during economic expansions.

• Being jobless for an extended period, typically six months or more.

What is hidden unemployment?

• Hidden unemployment only affects the elderly population.

• People who have given up looking for work but are still capable of working.

• Hidden unemployment is highly visible in official statistics.

• Hidden unemployment results from too many job opportunities.