Label each of the following scenarios as either frictional unemployment, structural unemployment, or cyclical unemployment a. Mariam just graduated from college and is looking for a job. (Click to select) b. A recession causes a local factory to lay off 30 workers. (Click to select) c. Thousands of bus and truck drivers permanently lose their jobs to self-driving vehicles. (Click to select) d. Hundreds of New York legal jobs permanently disappear when a lot of legal work gets outsourced to lawyers in India. (Click to select)

Label each of the following scenarios as either frictional unemployment, structural unemployment, or cyclical unemployment a. Mariam just graduated from college and is looking for a job. (Click to select) b. A recession causes a local factory to lay off 30 workers. (Click to select) c. Thousands of bus and truck drivers permanently lose their jobs to self-driving vehicles. (Click to select) d. Hundreds of New York legal jobs permanently disappear when a lot of legal work gets outsourced to lawyers in India. (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Label each of the following scenarios as either frictional unemployment, structural unemployment, or cyclical unemployment.
a. Mariam just graduated from college and is looking for a job.
(Click to select)
b. A recession causes a local factory to lay off 30 workers.
(Click to select)
c. Thousands of bus and truck drivers permanently lose their jobs to self-driving vehicles.
(Click to select)
d. Hundreds of New York legal jobs permanently disappear when a lot of legal work gets outsourced to lawyers in India.
(Click to select)

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Explain the difference between the natural rate of unemployment and the actual rate of unemployment as reported by the US Department of Labor.
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Decide whether each of the following are frictional, structural, or cyclical unemployment: The economy gets worse, so General Motors shuts down a factory for four months, laying off workers. General Motors lays off 5,000 workers and replaces them with robots. The workers start looking for jobs outside the auto industry. About 10 workers per month at a General Motors plant quit their jobs because they want to live in another town. They start searching for work in the new town.
Classify the following scenarios as examples of frictional, structural, or cyclical unemployment, and explain your answer. a. A food-processing factory decides to increase its wages by 50% above what their competitors are paying. They find that fewer workers quit or call in sick, and that they have lower spoilage rates as a result of the more consistent, productive workforce. Their competitors respond by raising wages as well. The quantity of labor supplied to the industry increases to try to take advantage of the higher wages and is higher than the quantity demanded by employers at the new wage. b. Li Wei owns a homebuilding company. During a severe downturn in the housing market, he has to fire many of his subcontractors. c. Which of the three types of unemployment (frictional, structural, or cyclical) will persist even if the wage is at the equilibrium wage? Explain your answer.