Jane recently lost her job at the auto dealership because people are not buying
ID: 1253025 • Letter: J
Question
Jane recently lost her job at the auto dealership because people are not buying cars during this recession. Which type of unemployment is this?
A. Cyclical unemployment
B. Seasonal unemployment
C. Frictional unemployment
D. Structural unemployment
What is a price index used for?
A. It is used to convert nominal values into real values.
B. It is used to measure GDP.
C. It is used to measure the business cycle.
D. It is used to convert GDP into Net National Product.
Sue was laid off recently because the company moved its operations to Mexico. Which type of unemployment is this?
A. Frictional unemployment
B. Structural unemployment
C. Seasonal unemployment
D. Cyclical unemployment
Explanation / Answer
Jane recently lost her job at the auto dealership because people are not buying cars during this recession. Which type of unemployment is this? A. Cyclical unemployment This deals with unemployment due to changes in the business cycle. What is a price index used for? A. It is used to convert nominal values into real values. The price index is used to convert nominal to real by accounting for price inflation. Sue was laid off recently because the company moved its operations to Mexico. Which type of unemployment is this? B. Structural unemployment This is structural unemployment because it is caused by a mismatch of skills demanded and skills supplied. Moving operations to Mexico indicates that Mexico has a comparative advantage in employing those skills.
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