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Topic:

What is Frictional Unemployment?

Coursework Instructions:

1. Pick a song from the list, read the lyrics, and listen to the song. What song did you pick?

2. Find the growth rate of Real GDP
a. Year before the song written.
b. Year the song was written.
3. Find the growth rate of per capita GDP
a. Year before the song written.
b. Year the song was written.
4. Find the growth rate of inflation
a. Year before the song written.
b. Year the song was written.
3. Define and explain the 3 types of unemployment.
4. For the 3 types of unemployment, briefly explain if it is "normal" or "unhealthy" unemployment.
5. Find the unemployment rate
a. Year before the song written.
b. Year the song was written.
6. Based on all your statistics was the economy in recession (bust) or expansion (boom)? Briefly explain.
7. Based on the song lyrics, what type of unemployment is in the song? Briefly explain.
8. From the song lyrics, can you tell if the economy in a recession (bust) or expansion (boom) period?
9. Does the health of the economy (statistics you found) match the lyrics of the song?
10. Create a question not asked that you think should be asked and could be answered with this data.

11. Answer question 10.
length doesn't matter as long as all the questions are properly answered. Thank you!

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Coursework Sample Content Preview:

Economics Homework
Student’s Name
Institutional Affiliation

Economics Homework
Answer 1
I selected the song “Allentown” by Billy Joel, which was written in 1982.
Answer 2
a. The Gross Domestic Product (GDP) of the United States of America (USA) in 1981 was $3.207 trillion. The growth rate of the real GDP was 2.5% (The World Bank, 2020).
b. The USA’s GDP in 1982 was $3.344 trillion. The annual growth rate of the GDP was -1.8%.
Answer 3
a. The per capita GDP of the USA in 1981 was $13.976, and its annual growth rate was 11.14%.
b. In 1982, the GDP per capita was $14,405, and its growth rate was 3.3%.
Answer 4
a. The USA’s growth rate of inflation was 10.3% in 1981.
b. In 1982, the rate of inflation was about 5%.
Answer 5
a. The USA’s unemployment rate in 1981 was 8.5%.
b. In 1982, the rate of unemployment was 10.8% (Sablik, 2013).
Answer X
The three primary types of unemployment include:
Frictional unemployment – This kind of unemployment occurs due to temporary transitions in people’s lives (Amadeo, 2020). For example, a person who moves to another city has to search for a new job. Frictional unemployment also involves individuals entering the labor market, such as when graduates start searching for employment opportunities.
Structural unemployment – It occurs when there is a mismatch in workers’ demographics and the jobs available. For instance, structural unemployment occurs when employees are available but no jobs or when workers do not have the skills to handle the existing jobs. Indeed, this type of unemployment is usually obvious in industries that are undergoing technological changes.
Cyclical unemployment – This type of unemployment happens due to declining demand. When the demand for goods and services is low, businesses cannot provide jobs for the people. Based on Keynesian economics, cyclical unemployment occurs when there is a recession in the economy (Amadeo, 2020).
Answer Y
1. Frictional unemployment is normal since, at some point, individuals migrate from one place to another, and they must search for jobs to sustain themselves.
2. Structural unemployment is also norm...
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