The immediate response to the economic crisis of the 1970’s by many developed economy nations was to a.introduce welfare systems to reduce the impact on households. b.deregulate key markets. c.boost government spending to try and avoid unemployment. d.move to a floating exchange rate to help adjustment

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.