corresponds to the correct word or phrase natural rate of unemployment unemployment rate less greater Cyclical unemployment structural unemployment Frictional unemployment
Fill in the blanks using the number that corresponds to the correct word or phrase
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The variation in unemployment caused by the economy moving from expansion to recession or from recession to expansion (i.e. the business cycle) is known as
Economists have a term to describe level of unemployment that occurs even when the economy is healthy: it is called the
The unemployment that occurs in the meantime, as workers move between jobs, is called
arises when individuals have no jobs because they lack skills valued by the labor market, either because demand has shifted away from the skills they do have, or because they never learned any skills
The economy is considered to be at full employment when the actual unemployment rate is equal to the
When the economy is below full employment, the is greater than the natural unemployment rate and real
When the economy is above full employment, then the unemployment rate is less than the rate and real GDP is than potential
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