7. Types of unemployment In the following table, determine what type of unemployment best describes each situation. Stasia was a highly skilled instrument maker, but she hasn't been able to find work in the field since her workshop closed due to competition from instrument makers in China. Structural Unemployment Cyclical Unemployment Frictional Unemployment Latasha was laid off from the gold mine where she worked, because a recession caused a decrease in demand for metals. O O Charles quit his part-time job to search full time for a job that was more closely related to his education. O O O O Imagine an economy where the natural rate of unemployment is 4% and the cyclical rate of unemployment is 2%. In this economy the total rate of unemployment would be and the frictional rate of unemployment would be (Select ?% if the rate cannot be determined from the information given.) ?% OR 4% OR 2% OR 6% ?% OR 4% OR 2% OR 6%

7. Types of unemployment In the following table, determine what type of unemployment best describes each situation. Stasia was a highly skilled instrument maker, but she hasn't been able to find work in the field since her workshop closed due to competition from instrument makers in China. Structural Unemployment Cyclical Unemployment Frictional Unemployment Latasha was laid off from the gold mine where she worked, because a recession caused a decrease in demand for metals. O O Charles quit his part-time job to search full time for a job that was more closely related to his education. O O O O Imagine an economy where the natural rate of unemployment is 4% and the cyclical rate of unemployment is 2%. In this economy the total rate of unemployment would be and the frictional rate of unemployment would be (Select ?% if the rate cannot be determined from the information given.) ?% OR 4% OR 2% OR 6% ?% OR 4% OR 2% OR 6%

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 6PA

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Similar questions

Is it desirable to eliminate natural unemployment? Why or why not? Hint: Think about what our economy would look like today and what assumptions would have to be met to have a zero rate of natural unemployment.
What is structural unemployment? Give examples of structural unemployment.
While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?
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Are U.S. unemployment rates distributed evenly across the population?
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Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big way. If we assume that wages are sticky in a downward direction, but that around 1970 the demand for labor equaled the supply of labor at the current wage rate, what do you imagine happened to the wage rate, employment, and unemployment as a result of increased labor force participation?
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