Homework Answers
2) True.
The Beveridge curve or the UV curve shows relationship between
unemployment and job vacancy rate. It has vacancies on the vertical
axis and unemployment on the horizontal axis.The curve is
hyperbolic shaped and slopes downward as higher rate of
unemployment is associated with lower rate of vacancies.The
matching process will determine how efficiently workers find new
jobs .Improvement in the matching system will shift the curve
towards the origin because it is possible to find jobs faster with
efficient matching process. An efficient matching process will fill
vacancies and employ the unemployed.The present state of the
economy in the business cycle can be understood by the position on
the curve. When there is recession there is high unemployment and
low vacancies and when there is expansion there is low unemployment
and high vacancies.So there will be decrease in unemployment and
unfilled vacancies in the long run.
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