Suppose the world price of steel rises 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. Increasing the benefits offered to unemployed workers through the government's unemployment insurance program
B. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks
C. Improving a widely used job-search website so that it matches workers to job vacancies more effectively

Question

14-12-2019
Business

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Suppose the world price of steel rises 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. Increasing the benefits offered to unemployed workers through the government's unemployment insurance program
B. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks
C. Improving a widely used job-search website so that it matches workers to job vacancies more effectively

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ewomazinoade ewomazinoade · Answer 1 · 2019-12-14T07:02:54+01:00

Answer:

Increase

Decrease

Frictional

B. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks

C. Improving a widely used job-search website so that it matches workers to job vacancies more effectively

Explanation:

If the price of steel rises, the production and supply of steel producing industries would rise. As a result of an increase in supply, the demand for Labour which is an input in the production process would rise.

If the price of steel rises, the production and supply of cars would fall because the price of steel which is an input in production has risen. The fall in supply would lead to fall in the demand for Labour.

As a result of an increase in the demand for Labour in the steel producing industry and a fall in the demand for Labour in the car industry, labour would migrate to the steel industry. The period of unemployment where labour moves from the car to the steel industry is known as frictional unemployment.

Frictional unemployment occurs when Labour moves from one job to another.

Government can reduce frictional unemployment by offering recipients of unemployment insurance benefits : a cash bonus if they find a new job within a specified number of weeks, this would be an incentive to intensify their job search.

Improving on the job search process also makes it easier for Labour to find jobs.

I hope my answer helps you.