Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment.

Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.

a. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks.
b. Establishing government-run employment agencies to connect unemployed workers to job vacancies.
c. Taxing the price of placing a resume or posting a job opening on a job-search website

Answer

1) decrease

increase

frictional

2) options a and b

Explanation: 1)Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania willdecrease___ . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, willincrease___ . The temporary unemployment resulting from such sectoral shifts in the economy is best described as__Frictional__ unemployment.

This is because

Frictional unemployment occurs because job seekers are constantly seeking for employment and employees seeking job seekers.

2) Government can reduce Frictional unemployment by -Establishing government-run employment agencies to connect unemployed workers to job vacancies and

Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks will greatly reduce Frictional unemployment.

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