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Example of structural-cyclical-frictional unemployment

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Reference no: EM131904588

1. Complete the table below to answer the following questions:

Year Price Index Nominal Wage Real Wage

2016 220 $40,000 ?

2017 224 $42,000 ?

a. Find the 2017 inflation rate.

b. Morgan's nominal 2017 salary is given above. Is she making more or less than she made in 2017, adjusted for inflation? How ?

2. Identify each case as an example of structural, cyclical, or frictional unemployment

a. Businesses begin to see significantly reduced sales. Several close down and workers lose their jobs.

b. A student graduates from college and begins looking for a job.

c. A factory deploys a new computer system and lays off several employees it no longer needs.

d. A worker leaves his job to relocate where his spouse works.

e. Good X is an increasingly obsolete technology. Companies that make good X shut down and workers lose their jobs. These workers are specialized in making good X and can't find new jobs utilizing those skills.

f. A parent re-enters the workforce when her children start school.

Reference no: EM131904588

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