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Peter is laid off from his job as a bank teller due to the rise of online banking transactions which makes his job redundant. He is experiencing what kind of unemployment

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 44CTQ: The U.S. unemployment rate increased from 4.6 in July 2001 to 5.9 by June 2002. Without studying the...

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Question

Peter is laid off from his job as a bank teller due to the rise of online banking transactions which makes his job redundant. He is experiencing what kind of unemployment

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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