Homework Answers
Ans. 15. b) Person 1 is frictionally unemployed; Person 2 is cyclically unemployed; person 3 is structurally unemployed.
1) frictional unemployment exists when a person left his job and moving for another job. Therefore, a period in between leads to frictional unemployment.
Person 1 is frictionally unemployed because he left his job for his spouse and moving to another city with his wife and searching for a new job.
2) cyclical unemployment exists when there is less demand in the market for the workers because of economic slowdown in the economy.
Person 2 is cyclically unemployed because he lost his job as there is an economic slowdown in the country.
3) Structural unemployment exists when there are technological changes in the economy and old skills of the workers are not matching up with the industrial demand.
Person 3 is structurally unemployed because he lost his job because of the automation advancement in the production system in the company.
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