Use the WS and PS relations to examine the effects of the following events on the natural rate of unemployment and the real wage. Be sure to explain the effects of the event on the WS and PS relations.
a. A new U. S. trade policy with the hope to protect American workers decreases international trade and makes product markets less competitive in the U. S.
b. A new law that bans the formation of labor unions has been passed.
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Use the WS and PS relations to examine the effects of the following events on the natural rate of un...
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