The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics.Identify each person in the table as structurally, frictionally, or cyclically unemployed.Unemployment TypeStructuralFrictionalCyclicalSean recently lost his job as a dishwasher. Minimum-wage legislation keeps employers from adding moreof the low-skill positions for which he qualifies, so he has been unable to find work.A recent recession has reduced the number of visitors to a local theme park. The park has had to lay offmany of its employees, including Cho.Yvette just graduated from college and is looking for a full-time position with an investment banking firm.The following table shows data on frictional, cyclical, structural, and total unemployment for an economy.RateUnemployment Type(Percent)Frictional3.1Cyclical0.0Structural1.0Total unemployment4.1True or False: This economy is not currently at its natural rate of unemployment.O TrueO False

Sean recently lost his job.....- Structural A recent recession has reduced....- Cyclical Yvette…

Answered: The three people described in the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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A man who retired becomes bored with retirement and begins to look for a job. During the time he is searching for work he would be classified as A) cyclically unemployed. B) structurally unemployed. C) frictionally unemployed. D) not unemployed because he was not working before he started looking for a job.
Examine the following expression and analyze it:One of the benefits of unemployment is that it enables a higher quality job search and promotes economic efficiency, but increases the unemployment rate and creates economic recession.
Unemployment associated with individuals voluntarily leaving their job can be labelled: (a) seasonal unemployment; (b) discouraged worker syndrome; (c) frictional unemployment; (d) structural unemployment.
Calculate unemployment rate and labor force participation rate for both 2019 and 2020 given the following information in 2019 there were 14,000 people employed 1000 people unemployed and 1200 people not in the labor force in 2020 the following event occurred 800 people who are looking for hired 600 people were fired from their jobs and only half started looking for a new job 200 people quit their jobs and not look for new 300 people who are not working decided to start looking 650 people retired and 200 people who were looking decided to stop looking due to lack of success
Question 1
David earned a salary of $43,500$43,500 in 1994 and $89,000$89,000 in 2010. The consumer price index was 148.2 in 1994 and 215.3 in 2010. David's 1994 salary in 2010 dollars is _.
Describe the natural rate of unemployment
Robert applied for a job as a machine technologist. Due to his low level of skills in operating heavy duty machinery, Robert was not able to land the job. This type of unemployment is considered: Frictional Structural Seasonal Cyclical None of the above
Suppose an economy is experiencing the following rates of unemployment by type. Rate (%) Cyclically Unemployed 4.3 Frictionally Unemployed 4.8 Structurally Unemployed 4.2 The actual unemployment rate is Multiple Choice 13.3 percent and the natural rate of unemployment is 9.0 percent. 15.5 percent and the natural rate of unemployment is 13.3 percent. 9.0 percent and the natural rate of unemployment is 13.3 percent. 13.3 percent and the natural rate of unemployment is 15.5 percent
Miriam is actively searching for a new job after she voluntarily quit her job. Miriam is now considered: Group of answer choices Cyclically unemployed Structurally unemployed Not eligible for future employment Frictionally unemployed
Explain the difference between the natural rate of unemployment and the actual rate of unemployment as reported by the US Department of Labor.
When Rachel was a teenager, growing up in the 1980’s, she dreamed of one day taking over her parents’ record store business. In the year 2000, her parents’ record store, along with countless others, closed down because people preferred to buy digital music online. The people who lost their jobs in the record stores are considered: Question 26 options: a) seasonally unemployed b) frictionally unemployed c) structurally unemployed d) cyclically unemployed

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