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Frictional rate of unemployment

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Reference no: EM131756953

"Suppose xenia has a gdp of $15,000,000 and a population of 800,000 with a labor force of 600,000. Further suppose that 80,000 people are not working, of which 60,000 are actively seeking employment and 20,000 have given up. Further suppose that the frictional rate of unemployment is 2% and the structural rate is 1%. please use this info to answer the next six questions"

  1. the ue rate in xenia is______.
  2. the number of people who are cyclically unemployed is_________.
  3. the number of people who are structurally unemployed is_______ of this development.
  4. the number of people who are frictionally unemployed is __________.
  5. the economic cost of unemployment is _________ dollars.

Reference no: EM131756953

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