ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
economic hardships
|
|
|
did not invest much
|
|
|
outdated technology
|
|
|
lacked the skills
|
|
|
slow economic growth
|
Detailed explanation-1: -Unemployment results in a waste of economic resources such as the productive labor force and thereby affect the long run growth potential of the economy.
Detailed explanation-2: -And when economic activity is low, firms reduce their workforce and unemployment rises. In that sense, unemployment is countercyclical, meaning it rises when economic growth is low and vice versa.
Detailed explanation-3: -Unemployment causes workers to suffer financial hardship that impacts families, relationships, and communities. When it happens, consumer spending, which is one of an economy’s key drivers of growth, goes down, leading to a recession or even a depression when left unaddressed.
Detailed explanation-4: -Rising unemployment is one of a number of indicators that define a recession. It also makes the downturn worse.