What are some of the possible ways in which we could reduce the natural rate of unemployment?
What will be an ideal response?
The most promising approaches have to do with education, training, and job placement. The data clearly show that more educated workers are unemployed less frequently than less educated ones are. Vocational training and retraining programs, if successful, help unemployed workers with obsolete skills acquire abilities that are currently in demand. By so doing, they both raise employment and help alleviate upward pressures on wages in jobs where qualified workers are in short supply. Government and private job placement and counseling services play a similar role. Such programs try to match workers to jobs better by funneling information from prospective employers to prospective employees.
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Globalization and growing technology have produced
A) more opportunities for low-skilled labor than for high-skilled labor. B) equal opportunities for low-skilled and high-skilled labor. C) outsized, exponential rewards for superstar talent. D) rewards for labor that have reduced income inequality.
Which of the following is CORRECT? Factors of production are
A) land, labor, the price system, and capital. B) the inputs used to produce goods and services. C) the fundamental source of abundance. D) only land and labor.
For a restaurant, all the following are fixed costs, except
a. Space rental b. Advertising c. Raw material cost d. All of the above-they are all variable costs
Changes in the economic rent paid to land
A. only affect marginal land. B. equal the difference in production costs between the old marginal land and new marginal land. C. reduce the use of land because the cost of using land is now higher. D. equal the difference in production costs between productive land and nonproductive land.