Suppose That the Inflation Rate Has Been 3 Percent Per

question 35

Multiple Choice

Suppose that the inflation rate has been 3 percent per year for several years, and the unemployment rate has been stable at 5 percent. Unanticipated changes in government policy cause the inflation rate to increase to 6 percent. In the short run, we would expect the unemployment rate to

• A)remain constant.
• B)increase to 10 percent.
• C)increase, but the exact amount cannot be known for sure.
• D)decrease.

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Definitions:

Standards Red Seal Program

A Canadian certification program that signifies a tradesperson has met national standards of skills and knowledge in their trade, facilitating mobility and recognition across provinces.

Skilled Labour Mobility

The movement of workers with specific skills across job markets or geographic areas, enhancing employment prospects and organizational needs.

Apprenticeship Programs

Structured training programs that combine on-the-job training with classroom instruction for learning a trade or profession.

In-House Programs

Customized training or development courses offered by an organization internally for its employees.