ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Describes recent college graduates
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Lasts longer than 6 months
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Describes employees moving from one job to another
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Increases inflation Increases inflation
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Detailed explanation-1: -As a result, cyclical unemployment is usually inversely correlated to GDP growth, meaning it rises with lower GDP growth and decreases with higher GDP growth. Cyclical unemployment is a temporary condition, albeit it can last for years if a recession is severe enough.
Detailed explanation-2: -Structural unemployment is long-lasting unemployment that comes about due to shifts in an economy. This type of unemployment happens because though jobs are available, there’s a mismatch between what companies need and what available workers offer.
Detailed explanation-3: - Understanding cyclical unemployment Cyclical unemployment is generally short-term (18 months on average), as jobs are created after the recession ends. This phenomenon is a normal process as the economy expands and contracts, which is known as the business cycle.
Detailed explanation-4: -If unemployment continues to be a long term feature of a country, it is called chronic unemployment.