Question 27
What is the name given to unemployment that occurs because people do not have the required job skills?

seasonal

frictional

cyclical

structural

Question 28
Which of the following is a major export of the United States?

agricultural products

scientific instruments

ceramic figurines

recreational equipment

Question 29
Which of the following is a characteristic of a developed country?

low life expectancy

low literacy rates

low industrial output

low unemployment

Question 30
Which of the following organizations focuses on getting rid of poverty?

World Bank

United Nations Development Fund

North American Free Trade Agreement

United Way Development Agency

Question 31
Which of the following is NOT a function of a 21st century bank?

pay interest

lend money

accept tax payments

issue credit cards

Question 32
Which of the following is NOT a characteristic of a horizontal merger?

help lower costs

help improve products

two companies that produce the same product

government controlled

Question 33
An industry that has four large firms that provide of the supply of the product is called an oligopoly.

75%

65%

55%

45%

Question 34
The law of ____ is defined as the willingness of producers to produce or supply more of a good as the price of the good increases.

demand

increasing costs

supply

increasing prices

Question 35
Which of the following is described by this statement?
As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases.

substitution effect

income effect

increment effect

demand effect

Unemployment basically means that a person is having skills but not in the required field due to which he/she is not employed that is not working.

Seasonal unemployment is a type of unemployment that occurs because people do not have the required skills.

For example a labour under construction work is employed only when he gets the work of construction and is good at that work but times when there is no construction work in process he is unemployed.

Another best example is that of an Agricultural worker or a Farmer who is employed in specific seasons only like those who are into more of work in summers rather than winters keeping in mind the types of seasonal vegetables or fruits the famers are dealing with.