Questions: At which point on the business cycle would you most likely find cyclical unemployment?

At which point on the business cycle would you most likely find cyclical unemployment?
Transcript text: At which point on the business cycle would you most likely find cyclical unemployment?
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Solution

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Solution Steps

Step 1: Analyze the question

The question asks about cyclical unemployment, which is unemployment related to the business cycle.

Step 2: Interpret the graph

The graph shows the business cycle, with real GDP on the vertical axis and time on the horizontal axis. The cycle moves through expansion, peak, contraction, and trough phases.

Step 3: Determine where cyclical unemployment occurs

Cyclical unemployment is most prevalent during the contraction phase of the business cycle, as economic activity slows and businesses lay off workers.

Final Answer: Contraction

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