Reflecting the state of the economy in 2008, the Bureau of Labor Statistics reported in October that over 1000 jobs were lost in the legal services sector. For example, one firm in Chicago stated that it had fired 54 lawyers in 2008. A representative from the firm stated that most had worked in its real estate division. www.nytimes.com, 11/11/2008
The lawyers that were fired are an example of ________ unemployment.

Question

Quizplus · Accepted Answer

The lawyers that were fired due to the economic downturn in 2008 are an example of cyclical unemployment, which occurs when there is not enough demand for goods and services in the economy.

Reflecting the State of the Economy in 2008, the Bureau