Homework Answers
When a person quits one job to search for another job then in the
time in which he or she is unemployed, he or she is regarded as
frictionally unemployed. Albert is frictional unemployed.
When a person does not get job that is compatible with his or her skills due to lack of such jobs and jobs that are available demands some different skills then such person is regarded as structurally unemployed. Stellios is structurally unemployed.
When a person lost his job due to recession then such person is regarded as cyclically unemployed. Sunita is cyclically unemployed.
Following is the complete table -
Total rate of unemployment = Natural rate of unemployment + Cyclical rate of unemployment
Total rate of unemployment = 4% + 2% = 6%
Thus,
In this economy, the total rate of unemployment would be 6%.
Natural rate of unemployment is the sum total of the frictional unemployment rate and the structural unemployment rate.
In the given case, we only have natural rate of unemployment but do not have the structural unemployment rate.
Due to this, it would be difficult to measure the frictional unemployment rate.
Therefore, frictional unemployment rate can not be determined.
Therefore,
The frictional rate of unemployment would be ?%.
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