During the course of a year, the labor force consists of the same 1,089 people. Of these, 16 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 20 different people become unemployed, and 20 other different people who were unemployed find jobs. There is no cyclical unemployment. a. Calculate the frictional unemployment rate. 1.84 %. (Enter your response as a percentage rounded to two decimal places). b. Calculate the unemployment rate.%. (Enter your response as a percentage rounded to two decimal places).
During the course of a year, the labor force consists of the same 1,089 people. Of these, 16 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 20 different people become unemployed, and 20 other different people who were unemployed find jobs. There is no cyclical unemployment. a. Calculate the frictional unemployment rate. 1.84 %. (Enter your response as a percentage rounded to two decimal places). b. Calculate the unemployment rate.%. (Enter your response as a percentage rounded to two decimal places).
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 16P
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