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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
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