Answered: With its tradition of a job for life…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Classical Macroeconomics And The Self Regulating Economy

Section: Chapter Questions

Problem 8QP

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Question

With its tradition of a job for life for most citizens, Japan used to have a low unemployment rate; from 1960 to 1995, the unemployment rate in Japan exceeded 3% only once. However, since the slow economic growth in the 1990s, the job-for-life system has broken down, and the unemployment rate is often above 3%.The end of the job‑for‑life system primarily affected ______ unemployment, which would ______ the natural unemployment rate in Japan.

a) frictional; lower

b) structural; lower

c) cyclical; lower

d) frictional; raise

e) structural; raise

f) cyclical; raise

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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