Econ chapter 9

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Frictional unemployment

Short-term unemployment that arises from the process of matching workers with jobs.

Which of the following is not one of the conditions someone needs to meet to be counted as​ unemployed?

They had worked only one hour per week during the previous four weeks.

Cyclical unemployment:

Unemployment causes by a business cycle recession.

Structural unemployment:

Unemployment that arises from a persistent mismatch between the skills and attributes of workers and the requirements of jobs.

In the modern U.S.​ economy, the typical unemployed person stays unemployed for

a relatively short​ time, less than six months.

The consumer price index is the

average of the prices of the goods and services purchased by a typical urban family of four.

What index is used to measure the average prices paid by a typical​ family? An average of the prices of the goods and services purchased by a typical family is​ the:

consumer price index​ (CPI).

As output​ (GDP) is​ increasing, the amount of cyclical unemployment would

decrease

When an unemployed person drops out of the labor​ force, it

does not affect the​ employment-population ratio.

The labor force equals the number of people

employed plus unemployed.

The​ short-term unemployment that arises from the process of matching workers with jobs is called

frictional unemployment.

When the economy is at full​ employment,

he unemployment rate is greater than zero. the natural rate of unemployment prevails. all remaining unemployment is either frictional or structural.

The percent increase in the CPI from one year to the next is a measure of the

inflation rate.

The Bureau of Labor Statistics would categorize a retiree who is not working as​

out of the labor force

The​ employment-population ratio measures the

percentage of the working age population that is employed.

The unemployment rate

rises during​ recessions, falls during​ expansions, and is always above zero.

the type of unemployment most likely to result in hardship for the people who are unemployed is

structural because this type of unemployment requires retraining to acquire new job skills.

Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called

structural unemployment.

When the economy is at full​ employment, unemployment is equal to

the natural rate of unemployment.

The natural rate of unemployment is

the sum of structural unemployment and frictional unemployment.

When an unemployed person drops out of the labor​ force, the unemployment rate

understates the true degree of joblessness in the economy.

Cyclical unemployment

unemployment caused by a recession.

The three types of unemployment are

​frictional, structural, and cyclical unemploment.


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