Which of the following is most likely to lead to shorter durations of being unemployed? Select one: a.Flexible labour markets. b.Minimum wage laws. c.Extensive redundancy provisions written into law. d.The existence of an unem
Which of the following is most likely to lead to shorter durations of being unemployed? Select one: a.Flexible labour markets. b.Minimum wage laws. c.Extensive redundancy provisions written into law. d.The existence of an unem
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Which of the following is most likely to lead to shorter durations of being unemployed?
Select one:
a.Flexible labour markets.
b.Minimum wage laws.
c.Extensive redundancy provisions written into law.
d.The existence of an unemployment benefit.
Expert Solution
Step 1
Unemployment:
Unemployment is an economic situation where the person looking for a job is greater than the available jobs in the market. It also exhibits the shortage of jobs in the market. For example, the number of people searching for jobs is 1 million but available jobs in the market are 0.5 million. Therefore, 0.5million will remain unemployed.
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