Asked by Hisaah Bin madhi on Apr 27, 2024
Verified
Some long-run unemployment may be explained by the fact that the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one.
Long-run Unemployment
Unemployment that persists in an economy for an extended period, often due to fundamental shifts in the economy or structural changes in the labor market.
Labor Markets
Markets where labor is traded, involving the hire and utilization of workers, affected by factors like wages, demand, and supply.
- Master the concept and differences between frictional, structural, and sectoral unemployment.
- Gain insight into the causes of diverse unemployment phenomena in economies.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
True
Explanation :
This statement reflects the concept of structural unemployment, which occurs when there is a mismatch between the skills of the labor force and the needs of employers, or when there are not enough jobs available in certain sectors or geographic areas to employ everyone who is looking for work. This type of unemployment can persist in the long run if the underlying issues are not addressed.
Learning Objectives
- Master the concept and differences between frictional, structural, and sectoral unemployment.
- Gain insight into the causes of diverse unemployment phenomena in economies.