What is the total unemployment rate

Assignment Help Business Economics

Reference no: EM131098862

Suppose that a nation has a labor force of 100 people. In January, Amy, Barbara, Carine, and Denise are unemployed; in February, those four find jobs, but Evan, Fancesco, George, and Horatio become unemployed. Suppose further that every month, the previous four who were unemployed find jobs and four different people become unemployed. Throughout the year, however, the same three people -- Ito, Jack, and Kelley -- continually remain unemployed because they lack sufficient skills to obtain open jobs. Bill, Bob, and Boop are not working and have given up finding work for the time being. a) What is the nation's frictional unemployment rate? b) What is the structural unemployment rate? c) What is the total unemployment rate? d) Describe Bill, Bob, and Boop. Are they unemployed? Explain.

Reference no: EM131098862

Questions Cloud

Decentralized manufacturing strategy : An electronics firm is considering how best to supply the world market for microprocessors used in consumer and industrial electronic products. A manufacturing plant costs about $500 million to construct and requires a highly skilled workforce. Shoul..

Assumed to be perfectly competitve for modeling purposes : EverKleen Pool Services provides the weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service and the service is very standardized (so the market can be assumed to be perfectly competitve for modeling purposes). At what outpu..

In terms of maximizing total revenue : In terms of maximizing total revenue, defend or counter the decision of the store, Manor, to lower prices on mobile air-conditioning units from 650 CHF to 300 CHF during the hottest week of 2010 (argument should make use of the concept of elasticity)..

Affect the economy-wide supply of labor : How would each of the following factors likely affect the economy-wide supply of labor? Who gains and who loses?

What is the total unemployment rate : Suppose that a nation has a labor force of 100 people. In January, Amy, Barbara, Carine, and Denise are unemployed; in February, those four find jobs, but Evan, Fancesco, George, and Horatio become unemployed. What is the structural unemployment rate..

Appear to be examples of competitive markets : Grocery stores and gas stations in a large city would appear to be examples of competitive markets. There are numerous, relatively small sellers, each seller is a price taker and the products are quite similar. Is is possible these markets are perfec..

What is the general form of the point elasticity formula : Assume the demand function for beer is defined as: Qb = 10P^-2: From this demand equation is it easy to verify that the slope of this equation,defined as aQ/aP; is equal to -20P^-3. What is the general form of the point elasticity formula for this gi..

Money supply in the entire banking system : The First National Bank has reserves of $150,000 and demand deposits equal to $1,200,000. The reserve ratio is 10 percent. How much in excess reserves does the bank now have? What is the maximum amount the bank could currently lend out? Show all work..

Describe in detail perfectly competitive market structure : Describe in detail a perfectly competitive market structure. Do you think such a market structure exists? Give an example of an actual market structure that resembles a "pure competition" model.

User Account

All Pages