Question: -List the characteristics that must exist for one to be clasified as unemployed 2. How is the unemployment rate calculated, illustrate using the example: Total

-List the characteristics that must exist for one to be clasified 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 unamployed 150; part time workers 75; marginally attached workers 80.

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

5. What is the duration of unemployment, and why is it important?

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