Homework Answers
Natural rate of unemployment includes only frictional and structural unemployment levels. Therefore natural unemployment rate can be calculated as
Natural rate of unemployment = frictional unemployment + structural unemployment
= 2.3% + 2.1%
= 4.4%
Cyclical unemployment rate = total unemployment rate - natural rate of unemployment
= total unemployment rate - (frictional + structural unemployment rates)
= 12.1% - 4.4%
= 7.7%
So the correct answer is 4.4 ; 7.7
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