Question : Which among the following types of unemployment is also known as real wage unemployment?
Option 1: Classical
Option 2: Seasonal
Option 3: Structural
Option 4: Frictional
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Correct Answer: Classical
Solution : The correct option is Classical.
Classical unemployment, also known as real wage unemployment, occurs when wages are inflexible and set above the equilibrium level. In this situation, the supply of labour exceeds the demand, leading to unemployment. Classical economists argue that interference in free markets, such as minimum wage laws, contributes to this form of unemployment.
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Question : Which of the following unemployment is the result of depression in an economy?
Question : Unemployment caused by the recession of 2008-2010 is an example of which of the following types of unemployment?
Question : A type of unemployment in rural areas when people are not able to find jobs during some months of the year is called _____.
Question : Under which type of unemployment, a person contributes less than their capability?
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