Consider the following statements regarding frictional unemployment1. It is a type of unemployment that arises during workers' transition from one job to another.2. Frictional unemployment tends to fall during the recession.Which of the statements given above is/are correct?a)Only 1b)Only 2c)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding frictional unemployment

1. It is a type of unemployment that arises during workers' transition from one job to another.

2. Frictional unemployment tends to fall during the recession.

Which of the statements given above is/are correct?

a)
Only 1
b)
Only 2
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'C'. Can you explain this answer?

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Verified Answer

Consider the following statements regarding frictional unemployment1....

The Correct answer is Both 1 and 2.

Important Points

Frictional unemployment is a type of unemployment that arises when workers are searching for new jobs or are transitioning from one job to another. It is part of natural unemployment and hence is present even when the economy is considered at full employment.
Hence statement 1 is correct.

The major cause of frictional unemployment include -:

A mismatch between the workers and available jobs
If there is a mismatch between job-seekers and available jobs in the market, that is considered frictional unemployment. The issue can especially affect the new entrants or re-entrants to the job market. This is generally due to the natural career progression for an employee, and their natural transition to a new job, industry, or role.
Workers’ dissatisfaction with work conditions
Workers’ anxiety towards salaries, benefits, work location, job responsibilities, etc. may force them to quit their current job, and look for something that better meets their updated expectations.
In a recession, frictional unemployment tends to fall as workers have less confidence to wait for a better job. They are more likely to stay in their current job or take the first job that comes along.
Hence statement 2 is correct.

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Consider the following statements regarding frictional unemployment1. It is a type of unemployment that arises during workers' transition from one job to another.2. Frictional unemployment tends to fall during the recession.Which of the statements given above is/are correct?a)Only 1b)Only 2c)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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