1. List the characteristics that must exist for one to be classified as unemployed 2. How...

1. List the characteristics that must exist for one to be classified as unemployed

2. How is the unemployment rate calculated, illustrate using the example: Total population 1550; Employed 750; discouraged workers 30; frictional unemployed 100; cyclical unemployed 130; structural unemployed 150; part-time workers 75; marginally attached workers 80.

3. Define the natural rate of unemployment and what is the GDP gap if the level of unemployment is 4% above the natural rate?

Expert Solution

Rahul Sunny answered 7 months ago

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