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SingaporeEconomicsQuick questions
Inflation, Unemployment and Economic Growth
Quick questions on Unemployment types and costs explained: H2 Economics
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the types of unemployment?Show answer
The natural rate of unemployment is the rate that remains when the economy is at potential output, made up of frictional, structural and seasonal unemployment (the non-cyclical part).
What is the costs of unemployment?Show answer
A crucial point is hysteresis: the longer someone is unemployed, the more their skills and employability erode, so a temporary (cyclical) rise in unemployment can become structural if it persists, which is why prolonged unemployment is so damaging.
What is q1?Show answer
State the formula for the unemployment rate. [2 marks]
What is q2?Show answer
Explain the appropriate policy for structural unemployment. [3 marks]
What is q3?Show answer
Explain what hysteresis means for unemployment. [2 marks]
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