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Chapter 19: Q 26. (page 472)

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

Short Answer

Expert verified

Yes, it's possible to protect workers from losing their jobs without distorting the labor market.

Step by step solution

01

Step 1. Define labor market.

The labor market refers to the supply and demand for labor, in which employees supply labor and employers provide demand.

02

Step 2. Is it possible to safeguard employees from losing their employment without causing market distortions?

Yes, it's possible to protect workers from losing their jobs without distorting the labor market.

When an employee's immediate boss recommends termination, the immediate boss's supervisors should be compelled to review the employee's previous and current performance and conduct. It is not necessary to fire the employee right away.

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Most popular questions from this chapter

Retrieve the unemployment data from The World Bank database (http://databank.worldbank.org/data/ home.aspx) for India, Spain, and South Africa for 2011-2015. Prepare a chart that compares India, Spain, and South Africa based on the data. Describe the key differences between the countries. Rank these countries as high-, medium-, and low-income countries. Explain what is surprising or expected about this data. How did the Great Recession impact these countries?

Why do you think it is difficult for high-income countries to achieve high growth rates?

Using the data in Table 19.3, rank the seven regions of the world according to GDP and then according to GDP per capita

Region
Population (in millions)
GDP Per Capita
GDP = Population × Per Capita GDP (in millions)
East Asia and Pacific2,006\(5,536\)10,450,032
South Asia1,671\(1,482\)2,288,812

Sub-Saharan Africa936.1\(1,657\)1,287,650

Latin America and Caribbean588\(9,536\)5,339,390

Middle East and North Africa345.4\(3,456\)1,541,900

Europe and Central Asia272.2\(7,118\)1,862,384

Table 19.3 GDP and Population of Seven Regions of the World

Is inflation likely to be a problem for at least some low- and middle-income economies in the near future?

What is the primary way in which economists

measure standards of living?
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