ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Fill in the blanks using the number that corresponds to the correct word or phrase

  1. natural rate of unemployment
  1. unemployment rate
  1. less
  1. greater
  1. Cyclical unemployment
  1. structural unemployment
 
  1. Frictional unemployment

 

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 GDP is  than potential. 

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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