unemployment

Question 1

types of unemployment

Answer 1

frictional
cyclical
structural
seasonal

Question 2

what is frictional unemployment

Answer 2

unemployment of people between jobs or just starting out

Question 3

what is cyclical unemployment

Answer 3

depending on if there is a recession or boom

Question 4

what is structural unemployment

Answer 4

mismatch of skills of workers - cannot change job because have no skills

Question 5

seasonal unemployment

Answer 5

depending on time of year and what industries thrive during each season

Question 6

problems of unemployment

Answer 6

less tax revenue
less consumer spending
the burden of unemployment benefits
higher crime rates

Question 7

how to solve unemployment

Answer 7

cut interest rates to boost AD
education and training investment
tax cuts

Question 8

what is real wage unemployment

Answer 8

caused by real wages being pushed above the equilibrium level of employment usually caused by unions negotiating for higher wages