Discuss short-run unemployment and long-run growth

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Question: In 2011, when the U.S. unemployment rate was over 9%, President Barack Obama said, "There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don't go to a bank teller, or you go to the airport and you're using a kiosk instead of checking in at the gate." Discuss the president's quote in terms of both short-run unemployment and long-run growth.

Reference no: EM131481444

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