Identify what type of unemployment each of the individuals faces. James is an architect who has been laid off owing to a slump in the demand for property. He feels he will have to wait until the economy picks up before he can get a new job. James is facing structural unemployment. Eric is an experienced project manager who lost his job at a tech start-up because the company's product failed to become popular. He is confident he can get a new job and has already rejected a number of offers. Eric is facing cyclical unemployment. Craig lost his job several months ago. He is having a hard time finding a job that pays him more than unemployment insurance does.

James is facing cyclical unemployment

Eric is facing frictional unemployment

Craig is facing structural unemployment

Explanation:

Cyclical unemployment is unemployment that occurs as a result of fluctuations in the economy. When there is a down turn in the economy, unemployment increases and when there is a boom, unemployment decreases

Frictional unemployment is the time a person is unemployed between the time he leaves his job and the time he gets another one.

Structural unemployment is a type of unemployment that occurs when there is a mismatch between the skills a worker has and the jobs that are available

answer; a large down payment,a longer term loan, would result in a lower monthly payment;