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a)Assume that a society has two types of workers that lose jobs in a given year. Society A has 2
a)Assume that a society has two types of workers that lose jobs in a given year. Society A has 2
million workers losing their jobs; each person takes a year to find a new job. Society B has 24 million workers losing their jobs; each worker takes a month to find a new job. How many "spells' of unemployment occur each year in the economy? What percentage of the spells is only one month long?
b)If you take all the unemployed workers each year and multiply each by the length of the unemployment "spell", how many "worker months' of unemployment would there be in the economy each year? Of all the "worker months" of unemployment, how many are accounted for by the workers unemployed one year at a time?
c)If the number of employed workers equals 325 million and the number of unemployed workers equals 75 million, what is the unemployment rate?
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