explain why the oil industry in the US is an example of structural unemployment and whether it's situation will likely improve or worsen over time. Consider both the demand for oil and the changing technology used in the industry.

explain why the oil industry in the US is an example of structural unemployment and whether it's situation will likely improve or worsen over time. Consider both the demand for oil and the changing technology used in the industry.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 25RQ: Would you expect the natural rate of unemployment to remain the same within one country over the...

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Question

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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