Summarize the labor market flows (both in terms of definitions and in terms of what the data show. In doing so, ensure that you describe the differences between cyclical, structural, and frictional unemployment.

Examine the following expression and analyze it:One of the benefits of unemployment is that it enables a higher quality job search and promotes economic efficiency, but increases the unemployment rate and creates economic recession.

Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.   The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of discouraged workers 2 million (c) Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. (d) Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work.

If the federal government uses policy to "retrain" people, this would be most appropriate for which of the following types of unemployment? Group of answer choices frictional unemployment seasonal unemployment cyclical unemployment structural unemployment