ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The market value of all final goods and services produced in a nation during a period of time, usually a year.
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The increase of general prices over time.
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When people do not have jobs and are actively looking for one.
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None of the above
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Detailed explanation-1: -What is Unemployment? Unemployment is a term referring to individuals who are employable and actively seeking a job but are unable to find a job. Included in this group are those people in the workforce who are working but do not have an appropriate job.
Detailed explanation-2: -Unemployment occurs when someone is willing and able to work but does not have a paid job. The unemployment rate is the percentage of people in the labour force who are unemployed. Consequently, measuring the unemployment rate requires identifying who is in the labour force.
Detailed explanation-3: -Economists primarily focus on three types of unemployment: cyclical, frictional, and structural. Cyclical unemployment is the unemployment associated with the ups and downs of the business cycle. During recessions, cyclical unemployment increases and drives up the unemployment rate.
Detailed explanation-4: -Disguised unemployment is unemployment that does not affect aggregate economic output. It occurs when productivity is low and too many workers are filling too few jobs. It can refer to any part of the population that is not employed at full capacity.
Detailed explanation-5: -Seasonal unemployment. Frictional unemployment. Cyclical unemployment. Structural unemployment.