The unemployment rate is defined asdivided byNumber of individuals without jobs; Number ofemployedNumber of unemployed; Number of employedNumber of individuals out of labor force; LaborforceNumber of unemployed; Labor forceNumber of individuals out of labor force; Numberof employed

Answered: The unemployment rate is defined as…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 6WNG

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The unemployment rate is defined as
divided by
Number of individuals without jobs; Number of
employed
Number of unemployed; Number of employed
Number of individuals out of labor force; Labor
force
Number of unemployed; Labor force
Number of individuals out of labor force; Number
of employed

Expert Solution

Introduction

When certain workers are unable to find employment in the economy despite actively hunting for it at the wage rates, it becomes a persistent problem known as unemployment. Because some employees frequently change jobs, some level of unemployment is always present in the economy. This is what is referred to as the natural rate of unemployment, which includes both structural and frictional unemployment. While structural unemployment results from structural and technological changes, frictional unemployment is caused by changes in the labour market and when students begin their careers.

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