A government-sponsored training program increases the skill level of the workforce.

It is the level of real GDP that the economy gravitates toward in the long run. The long-run aggregatesupply curve is vertical at the natural rate of output because the price level has no bearing on theeconomy's long-run level of real output.Suppose the government passes a law that significantly increases the minimum wage. The policy willcause the natural rate of unemployment torise, which will:Points:1 / 1Close Explanation

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In the following table, determine how each event affects the position of the long-run aggregate supply(LRAS) curve.Direction of LRASCurve ShiftMany workers leave to pursue more lucrative careers in foreigneconomies.LeftA scientific breakthrough significantly increases food productionper acre of farmland.RightA government-sponsored training program increases the skill levelof the workforce.RightPoints:1 / 1Close Explanation

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Suppose the government passes a law that reduces unemployment benefits in a way that causesunemployed workers to seek out new jobs more quickly. The policy will cause the natural rate ofunemployment tofall, which will:Points:1 / 1Close Explanation

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In the following table, determine how each event affects the position of the long-run aggregate supply(LRAS) curve.

journal article

The Promise of Public Sector-Sponsored Training Programs

The Journal of Economic Perspectives

Vol. 9, No. 2 (Spring, 1995)

, pp. 149-168 (20 pages)

Published By: American Economic Association

https://www.jstor.org/stable/2138171

Journal Information

The Journal of Economic Perspectives (JEP) attempts to fill a gap between the general interest press and most other academic economics journals. The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of thinking; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and readings for classroom use; and to address issues relating to the economics profession. Articles appearing in the journal are normally solicited by the editors and associate editors. Proposals for topics and authors should be directed to the journal office.

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Once composed primarily of college and university professors in economics, the American Economic Association (AEA) now attracts 20,000+ members from academe, business, government, and consulting groups within diverse disciplines from multi-cultural backgrounds. All are professionals or graduate-level students dedicated to economics research and teaching.

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5. According to the wealth effect, aggregate demand slopes downward (negatively) because

A variety of spending, income, and output measures can be used to measure economic fluctuations because most macroeconomic quantities tend to fluctuate together.

A recession is when output rises above the natural rate of output.

Economic fluctuations have been termed the "business cycle" because the movements in output are regular and predictable.

A depression is a mild recession.

None of these answers are true.

Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.

Van is a 43-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work.

Amy is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews.

Carlos is a 75-year-old retired professor. He enjoys volunteering at the local public library.

Janet is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks.

Felix is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home.

Deborah is a 10-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $30 per week.