Asked by Erica Doherty on Jun 29, 2024
Verified
Recently there has been high unemployment in the steel industry due to a recession.What type of unemployment is the steel industry experiencing?
A) Frictional unemployment
B) Cyclical unemployment
C) Natural unemployment
D) Structural unemployment
Cyclical Unemployment
Unemployment that results from economic downturns or recessions, reflecting a lack of demand for goods and services.
Steel Industry
A sector of the economy that produces steel, a key material used in construction, transportation, and manufacturing.
- Recognize and differentiate among various forms of unemployment.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
B
Explanation :
The steel industry is experiencing cyclical unemployment because the high unemployment is due to the recession, which is a part of the business cycle.
Learning Objectives
- Recognize and differentiate among various forms of unemployment.