Asked by Chelsea Valencia on Apr 27, 2024
Verified
One explanation for long-run unemployment is that it takes time for workers to search for the jobs that are best suited for them.
Long-Run Unemployment
Unemployment that persists in an economy for an extended period, typically occurring due to structural changes in the economy such as technological advances or shifts in consumer demand.
- Acknowledge that unemployment rates never reach zero due to various factors including job search and matching processes.
Verified Answer
NF
Natasha FloresApr 30, 2024
Final Answer :
True
Explanation :
This explanation is related to the concept of frictional unemployment, which occurs when workers are between jobs or are searching for new jobs that better match their skills, interests, or location preferences. This type of unemployment is considered a natural and inevitable part of a dynamic economy.
Learning Objectives
- Acknowledge that unemployment rates never reach zero due to various factors including job search and matching processes.