During the course of a year, the labor force consists of the same 1,196 people. Of...
During the course of a year, the labor force consists of the same 1,196 people. Of these, 20 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 26 different people become unemployed, and 26 other different people who were unemployed find jobs. There is no cyclical unemployment.
a. Calculate the frictional unemployment rate. %. (Enter your response as a percentage rounded to two decimal places).
(b) Calculate the unemployment rate
-Calculate the frictional unemployment rate -
(d) Calculate the unemployment rate -
Homework Answers
Frictional unemployment refers to the type of unemployment in which people leave their jobs to find new jobs. This can be calculated as number of people seeking for job/total number of labour force*100. So according to the information given this can be calculated as:
26/1196*100=2.17%
Unemployment rate refers to the rate of unemployment which includes people who are unemployed, people seeking for job and are unemployent, and , poeple who do not have skills and are unemployed. So total unemployed workers= 20+26+26= 72
Number of unemployed= 72 , total labour force= 1196
Unemployment rate= 72/1196*100=6.02%
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