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It is a type of unemployment that is usually short-lived. It is also the least problematic from an economic standpoint. It occurs when people voluntarily change jobs. It is a natural result of the fact that market processes take time and information can be costly.
Which of the following types of unemployment has been described by the passage given above?
- a)Cyclical unemployment
- b)Structural unemployment
- c)Institutional unemployment
- d)Frictional unemployment
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
It is a type of unemployment that is usually short-lived. It is also t...
- The term unemployment refers to a situation where a person actively searches for employment but is unable to find work. Unemployment is considered to be a key measure of the health of the economy.
- Frictional unemployment is a natural result of the fact that market processes takes time and information can be costly. People changing jobs, recruiting new workers, and matching the right workers to the right jobs all take time and effort. This results in frictional unemployment. It is a type of unemployment that is usually short-lived. It is also the least problematic from an economic standpoint.
- Cyclical unemployment is the variation in the number of unemployed workers over the course of economic upturns and downturns, such as those related to changes in oil prices. Unemployment rises during recessionary periods and declines during periods of economic growth.
- Structural unemployment comes about through a technological change in the structure of the economy in which labor markets operate. Technological changes can lead to unemployment among workers displaced from jobs that are no longer needed.
- Institutional unemployment results from long-term or permanent institutional factors and incentives in the economy.
- The following can all contribute to institutional unemployment:
- Government policies, such as high minimum wage floors, generous social benefits programs, and restrictive occupational licensing laws. o Labor market phenomena, such as efficiency wages and discriminatory hiring.
- Labor market institutions, such as high rates of unionization.
Hence option (d) is the correct answer.
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It is a type of unemployment that is usually short-lived. It is also t...
Frictional unemployment
Frictional unemployment is the type of unemployment described in the passage given above. Here is an explanation of why it is the correct answer:
Description of Frictional unemployment
Frictional unemployment is usually short-lived and occurs when individuals voluntarily change jobs. This type of unemployment is considered the least problematic from an economic standpoint as it is a natural part of the job market.
Causes of Frictional unemployment
- Market processes take time: Finding a new job and transitioning between jobs can take time, leading to periods of unemployment.
- Cost of information: Job seekers may need time to gather information about available job opportunities, leading to temporary unemployment.
Impact of Frictional unemployment
Frictional unemployment is generally seen as a normal and healthy part of the economy. It can even be beneficial as it allows individuals to find better job opportunities that match their skills and preferences.
Conclusion
In conclusion, frictional unemployment is a type of unemployment that is short-lived and results from voluntary job changes. It is considered the least problematic form of unemployment and is a natural part of the labor market dynamics.
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It is a type of unemployment that is usually short-lived. It is also the least problematic from an economic standpoint. It occurs when people voluntarily change jobs. It is a natural result of the fact that market processes take time and information can be costly.Which of the following types of unemployment has been described by the passage given above?a)Cyclical unemploymentb)Structural unemploymentc)Institutional unemploymentd)Frictional unemploymentCorrect answer is option 'D'. Can you explain this answer?
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