Jan Is an Engineer Working for the Roads Department in a Small

question 71

Multiple Choice

Jan is an engineer working for the roads department in a small town in New South Wales.When the government cut spending,Jan and 99 others were laid off.The only other business in the town is growing grapes to be made into raisins,but the growers refuse to hire laid-off engineers,knowing they will leave at the first opportunity.The unemployment Jan is experiencing is:

• A)cyclical.
• B)structural.
• C)permanent.
• D)frictional.
• E)voluntary.

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Definitions:

Income Effect

How an alteration in income levels for a person or economy affects the demand for a particular good or service.

Substitution Effect

The change in quantity demanded of a good that results from a change in price, making the good more or less costly relative to other goods.

Retirement Period

The phase in an individual's life post their active working years, during which they are typically supported by savings, pensions, or social security.

Work Period

The duration of time during which an individual is actively engaged in their job or tasks assigned by an employer.