With its tradition of a job for life for most citizens, Japan once had a much...
With its tradition of a job for life for most citizens, Japan once had a much lower unemployment rate than that of the United States; from 1960 to 1995, the unemployment rate in Japan exceeded 3% only once. However, since the crash of its stock market in 1989 and slow economic growth in the 1990s, the job-for-life system has broken down and unemployment has risen to more than 5% in 2003. One effect of these recent changes in Japan is ________ in the Japanese natural rate of unemployment
The answer is either increase or decrease.
Homework Answers
Ans.- increase
Natural rate of unemployment is the rate of unemployment that exists when labor market is in equilibrium.Since the unemployment rate of japan is increasing,it means rate of unemployment also increases when labor market is in equilibrium.So, natural rate of unemployment increases.
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