the labor force
During the course of a year, the labor force consists of the same 856 people. Of these, 24 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 38 different people become unemployed, and 38 other different people who were unemployed find jobs. There is no cyclical unemployment.
a. Calculate the frictional unemployment. ________%
(Enter your response as a percentage rounded to two decimal places).
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