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Chapter 8: Q.7 (page 213)

Many college students graduate from college before they have found a job. When graduates begin to look for a

job, they are counted as what category of unemployed?

Short Answer

Expert verified

They are counted as frictionally unemployed.

Step by step solution

01

Step 1. Introduction

Unemployment refers to the situation when a person who is willing to work and is actively looking for work is not able to get work.

02

Step 2. Explanation

Frictional unemployment refers to the situation when people are volunatrily unemployed because of transitioning from one job to another. New workers joining the labor force are old workers looking for new jobs while unemployed are included in frictionally unemployed.

So, when college graduates start looking for jobs, they are considered frictionally unemployed.

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Most popular questions from this chapter

How do you calculate the unemployment rate? How do you calculate the labor force participation rate?

Is it desirable to eliminate natural unemployment?

Why or why not? Hint: Think about what our economy would look like today and what assumptions would have to be met to have a zero rate of natural unemployment.

What criteria do the BLS use to count someone as employed? As unemployed?

What type of unemployment (cyclical, frictional,

or structural) applies to each of the following:

a. landscapers laid off in response to a drop in new housing construction during a recession.

b. coal miners laid off due to EPA regulations that shut down coal fired power

c. a financial analyst who quits his/her job in

Chicago and is pursing similar work in Arizona

d. printers laid off due to drop in demand for printed catalogues and flyers as firms go the internet to promote an advertise their products.

e. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.

Do you think it is rational for workers to prefer sticky wages to wage cuts, when the consequence of sticky wages is unemployment for some workers? Why or why not? How do the reasons for sticky wages explained in this section apply to your argument?
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