During the course of a year, the labor force consists of the same
Hello, Please explain.
During the course of a year, the labor force consists of the same
1,055 people. Of these,16 lack skills that employers desire and remain unemployed throughout the year. At the same time, every month during the year, 37 different people become unemployed, and 37 other people who were unemployed find jobs. There is no cyclical unemployment.
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Calculate the frictional unemployment rate.
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