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A nation has a workforce of 500 workers. In every​ month, 10 workers leave​ jobs, and 10 different workers find jobs. ​ However, there are also 20 workers who lack the skills to be​ employed, and thus remain unemployed throughout the year. There is no seasonal unemployment in this​ economy, and the economy is considered to be at full employment.

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jepessoa

Answer:

In this​ economy, the rate of frictional unemployment is?

  • frictional unemployment = 10/500 = 2%
  • frictional unemployment results from workers leaving a job because they are looking for a better one, it is not considered negative and happens naturally in any economy.

In this​ economy, the rate of structural unemployment is?

  • structural unemployment = 20/500 = 4%
  • structural unemployment happens when workers do not have the skills required to take be employed.

In this​ economy, the rate of cyclical unemployment is?

  • 0%
  • Since the economy is at full employment level, it means that the economy is growing, therefore cyclical unemployment (unemployment due to recessions) doesn't apply.

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