Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

12. Unemployment and Inflation

Types of Unemployment

Macroeconomics

12. Unemployment and Inflation

Types of Unemployment

Previous problem

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Multiple Choice

After spending several months searching for a job using his Basket Weaving degree, George realizes that there are not many available jobs for basket weavers. George decides to get new technical training to apply his basket weaving skills to integrated basket design using AutoCAD. During this time, George is likely experiencing:

Structural unemployment

Frictional unemployment

Natural Unemployment

Cyclical Unemployment

Previous problem

Verified step by step guidance

Understand the types of unemployment: Structural, Frictional, Natural, and Cyclical. Structural unemployment occurs when there is a mismatch between the skills workers have and the skills needed for available jobs. Frictional unemployment is temporary and occurs when people are between jobs. Natural unemployment is the sum of structural and frictional unemployment. Cyclical unemployment is related to the business cycle, occurring during economic downturns.

Identify the key details in the problem: George has a degree in Basket Weaving but finds few job opportunities in that field. He decides to get new technical training to adapt his skills.

Analyze George's situation: The lack of available jobs in his field suggests a mismatch between his current skills and the job market demands, which is characteristic of structural unemployment.

Consider the action George is taking: By seeking new technical training, George is attempting to acquire skills that are more in demand, which aligns with addressing structural unemployment.

Conclude that George is experiencing structural unemployment because his current skills do not match the available job opportunities, prompting him to seek additional training to improve his employability.