Yuan recently completed his college degree and is entering the labor market for the first time. He has been submitting applications and has been interviewed twice in the last two weeks, but so far has not found a job. Yuan could be classified as

Frictionally unemployed.

Explanation:

Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;

I. Natural Rate of Unemployment (NU).

II. Cyclical unemployment rate (CU).

III. Structural unemployment rate (SU).

IV. Actual unemployment rate (AU).

V. Frictional unemployment rate (FU).

Frictionally unemployed describes a situation where an individual isn't able to secure a job briefly as a result of changes in the demand for labor among different organizations.

Hence, Yuan could be classified as frictionally unemployed (search unemployment) because it's based on circumstances surrounding him.

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