9.2 Practice

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Three types of unemployment are

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

frictional, structural, and cyclical unemployment. structural because this type of unemployment requires retraining to acquire new job skills.

Which one of the following accurately describes the relationship between frictional unemployment and job search?

People are said to be frictionally unemployed when they are between jobs and searching for new jobs.

The natural rate of unemployment is

When the economy is a t full employment, unemployment is equal to

the sum of structural unemployment and frictional unemployment. the natural rate of unemployment.

The Ford Motor Company employed many fewer people in 2013 than it did in 1980.

This decline in employment is

The reasons behind this decline in employment could be all of the following except

a combination of frictional, structural, and cyclical unemployment. this is the normal underlying level of unemployment in the economy

Macroeconomic conditions affect the decisions firms and families make. After graduation, a college student might enter the job market during an economic expansion but apply for graduate school during a recession because

the probability of finding a job is higher during economic expansion and lower during recession.

A politician makes the following argument: "The economy would operate more efficiently if frictional unemployment were eliminated. Therefore, a goal of government policy should be to reduce the frictional rate of unemployment to the lowest possible level."

Eliminating all frictional unemployment

will not be good for the economy since the presence of frictional unemployment increases economic efficiency.

A person who is in between jobs but actively engaged in a job search is considered to be

Experts in hand-drawn animation who remain unemployed due to the film industry’s switch to computer-generated animation are considered to be

When a company reduces production and employment during economic recessions, those employees who lose their jobs are generally considered to be

frictionally unemployed structurally unemployed cyclically unemployed

Recall the definitions of normal and inferior goods. During a recession, a person would prefer to work in an industry that produces

During an economic expansion, a person would prefer to work in an industry that produces

an inferior good because the demand for inferior goods should increase with decreases in income during a recession. a normal good because the demand for normal goods should increase with increases in income during economic expansion.

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

frictional unemployment.

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

structural unemployment.

Workers who lose their jobs because of a recession are experiencing

cyclical unemployment.

When the economy is at full employment, which types of unemployment remain?

The "normal" underlying level of unemployment in the economy is

frictional and structural all of the above: the natural rate of unemployment, the full-employment rate of unemployment, and the sum of structural unemployment and frictional unemployment.

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