Asked by Micaila Reinschild on May 22, 2024
Verified
Use the following choices regarding the various types of unemployment to describe this situation.George was laid off by his trucking firm because of a recession.
A) Frictional unemployment
B) Structural unemployment
C) Natural unemployment
D) Cyclical unemployment
Cyclical Unemployment
Unemployment that rises during economic downturns and falls when the economy improves, linked to business cycles.
- Identify the differences between cyclical, frictional, and structural unemployment.
Verified Answer
JH
Joshua HalonaMay 23, 2024
Final Answer :
D
Explanation :
George was laid off due to a recession, which is a temporary economic downturn that results in decreased demand for goods and services, leading to a decrease in employment. This type of unemployment is known as cyclical unemployment.
Learning Objectives
- Identify the differences between cyclical, frictional, and structural unemployment.
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