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Chapter 32: Q. 26. (page 782)

Is it possible to protect workers from losing their jobs without distorting the labor market?

Short Answer

Expert verified

It is clearly understood that interfering in the labor market is must to protect the employees from job losses.

Step by step solution

01

Step 1. Introduction

Labor market is a place that facilitates the interaction of employees and employers which involves demand of labors by the employers and supply of labors by the workers.

02

Step 2. Explanation

a) The greater number of rules and restriction discourage firms from hiring and unemployed workers from taking jobs. Thus, interfering in the labor market is required to protect the employees from the job losses.

b) Interfering in the labor market is the pillar to protect employees from job losses as without interfering the labor market, the rules and restriction discourages firms from hiring.

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Most popular questions from this chapter

Use the Rule of 72 to estimate how long it will take for India, Spain, and South Africa to double their standards of living.

Using the data in Table 32.3, rank the seven regions of the world according to GDP and then according to GDP per capita.

Prepare a chart that compares India, Spain, and South Africa based on the data you find. Describe the key differences between the countries. Rank these as high-, medium-, and low-income countries, explain what is surprising or expected about this data.

In low-income countries, does it make sense to argue that most of the people without long-term jobs are unemployed?

Explain how the natural rate of unemployment may be higher in low-income countries.
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