Question : Unemployment caused by the recession of 2008-2010 is an example of which of the following types of unemployment?
Option 1: Classical
Option 2: Cyclical
Option 3: Frictional
Option 4: Structural
Correct Answer: Cyclical
Solution : The correct answer is Cyclical .
The unemployment caused by the recession of 2008-2010 is an example of cyclical unemployment. It occurs as a result of fluctuations in the business cycle, specifically during economic downturns or recessions. When the overall economy contracts, businesses may reduce production, leading to layoffs and increased unemployment.
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