A headline reads: "Steel industry suffers slump as import competition increases and unemployment rises." This type of unemployment can best be characterized in economic terms as:

Question

Quizplus · Accepted Answer

The steel industry's slump resulting from import competition indicates a shift in the structure of the economy, leading to a decrease in demand for steel workers with specific skills. This type of unemployment is called structural unemployment. Additionally, since the article mentions rising general unemployment levels, it suggests that this type of unemployment is not just affecting the steel industry but is also contributing to a larger economic downturn.

A Headline Reads: "Steel Industry Suffers Slump as Import Competition