Define the natural rate of unemployment

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Reference no: EM13852045

Short essays. Answer each question as completely as possible:

1. Define the “natural rate of unemployment” and show that its two equations are equivalent. What are its causes and what is its significance for public policy?

2. Define “structural unemployment” and explain its causes. Use a labor market diagram to show how it can result from minimum wage laws. Explain.

Reference no: EM13852045

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