Reflecting the state of the economy in 2008, the Bureau of Labor Statistics reported in October that o 1000 jobs were lost in the legal services sector. For example, one firm in Chicago stated that it had fi lawyers in 2008. A representative from the firm stated that most had worked in its real estate divisi
The lawyers that were fired are an example of _ unemployment.
A) cyclical
B) structural
C) frictional
D) efficiency wage

Question

Quizplus · Accepted Answer

The loss of jobs in the legal services sector reflects the state of the economy in 2008, which suggests that the unemployment is cyclical in nature. Cyclical unemployment occurs during economic downturns when businesses cut jobs to reduce costs.

Reflecting the State of the Economy in 2008, the Bureau