Final answer:
The person who has relocated to a new city after graduating and has not yet found a job in their field is considered to be frictionally unemployed. This type of unemployment is part of the normal job search process for individuals transitioning between jobs or entering the workforce after graduation. It is different from structural, cyclical, or seasonal unemployment, which have other causes. The correct option is a.
Step-by-step explanation:
If you hear a person saying 'I just relocated to this city after graduating from college and have yet to find an acceptable job in my field,' you should conclude that this person is frictionally unemployed.
This type of unemployment occurs when individuals are transitioning between jobs or are searching for new jobs in their field after a life event, such as graduation or relocation.
Frictional unemployment is a natural part of a dynamic economy, and it can result from individuals voluntarily quitting their jobs to find better ones, recent graduates entering the workforce, or people relocating for various reasons.
Examples of frictional unemployment include:
- a financial analyst who quits their job in Chicago and is pursuing similar work in Arizona.
- College graduates who are looking for a job that matches their qualifications.
In contrast, structural unemployment occurs when there is a mismatch between the skills workers possess and the skills needed for available jobs, often caused by technological advances or changes in the economy.
Cyclical unemployment happens when there is not enough demand for goods and services in the economy, often related to economic downturns. Lastly, seasonal unemployment is linked to industries where the demand for labor varies throughout the year, such as agriculture or holiday-related services. The correct option is a.