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Author Question: What are the three types of unemployment and how do they change over the business cycle? What ... (Read 54 times)

sammy

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on: Jun 29, 2018
What are the three types of unemployment and how do they change over the business cycle?
 
  What will be an ideal response?

Question 2

The omission of household production causes actual economic production to be underestimated.
 
  Indicate whether the statement is true or false


kaykay69

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The three types of unemployment are frictional, structural, and cyclical. Of these three types, the first twofrictional and structural unemploymenthave no strong relationship to the business cycle. The third type, cyclical unemployment, however is the result of the business cycle. When the economy is in a recession and people lose their jobs as a result of the recession, the unemployed workers are cyclically unemployed. Conversely, when the economy is in an expansion, cyclical unemployment decreases. Hence, cyclical unemployment increases during a recession and decreases during an expansion.

Answer to Question 2

TRUE


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