ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The rate of unemployment is zero
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There is frictional, but not cyclical unemployment
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There is only structural and cyclical unemployment
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There is only cyclical unemployment
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There is cyclical, but not structural unemployment
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Detailed explanation-1: -The correct answer is option b-everyone who is looking for a job is getting a job. a. The option is not true as, when there are full employment people who want to work are able to get a job. Therefore, people who are a part of the labor force get a job.
Detailed explanation-2: -Frictional unemployment: the natural unemployment people experience when they’re between jobs. Cyclical unemployment: when the economy is doing well, more jobs are created; when it’s in a downturn, many people wind up being laid off.
Detailed explanation-3: -Answer and Explanation: The correct answer is b) Unemployment caused by the ordinary difficulties of matching firms with job seekers. Frictionally unemployed workers are those workers who are in between jobs. They are temporarily unemployed until they find a new job.
Detailed explanation-4: -Cyclical: You’ll have cycles where there’s more unemployment and cycles where there aren’t. Structural: Shifts in the economy. Sometimes you’ll need more workers, sometimes you’ll need fewer workers. Frictional: A change in jobs, where you’re leaving one, but you know you can get another.
Detailed explanation-5: -Full employment is seen as the ideal employment rate within an economy at which no workers are involuntarily unemployed.