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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)1 only
- b)2 only
- 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 unemployment:1...
Key-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.
Most Upvoted Answer
Consider the following statements regarding frictional unemployment:1...
Frictional unemployment is a type of unemployment that occurs when workers are in the process of transitioning from one job to another. It is temporary in nature and arises due to various factors such as job searching, relocation, or changing careers. Let's analyze the given statements:
1. It is a type of unemployment that arises during workers’ transition from one job to another.
This statement is correct. Frictional unemployment occurs when individuals are actively seeking employment but are temporarily unemployed due to factors such as job searching, waiting for job offers, or transitioning between jobs. It is considered a natural part of the labor market as it takes time for workers to find the right job that matches their skills and preferences.
2. Frictional unemployment tends to fall during the recession.
This statement is also correct. During a recession, overall unemployment tends to rise. However, frictional unemployment may actually decrease during this period. This is because during a recession, job opportunities become scarce, and individuals may hold onto their current jobs rather than actively seeking new ones. As a result, the number of workers in transition decreases, leading to a decline in frictional unemployment.
Therefore, both statements are correct.
In conclusion, frictional unemployment is a type of unemployment that arises during workers' transition from one job to another. It is temporary in nature and tends to fall during a recession. This type of unemployment is influenced by factors such as job searching and transitions between jobs.
1. It is a type of unemployment that arises during workers’ transition from one job to another.
This statement is correct. Frictional unemployment occurs when individuals are actively seeking employment but are temporarily unemployed due to factors such as job searching, waiting for job offers, or transitioning between jobs. It is considered a natural part of the labor market as it takes time for workers to find the right job that matches their skills and preferences.
2. Frictional unemployment tends to fall during the recession.
This statement is also correct. During a recession, overall unemployment tends to rise. However, frictional unemployment may actually decrease during this period. This is because during a recession, job opportunities become scarce, and individuals may hold onto their current jobs rather than actively seeking new ones. As a result, the number of workers in transition decreases, leading to a decline in frictional unemployment.
Therefore, both statements are correct.
In conclusion, frictional unemployment is a type of unemployment that arises during workers' transition from one job to another. It is temporary in nature and tends to fall during a recession. This type of unemployment is influenced by factors such as job searching and transitions between jobs.
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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)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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