4. Explain how the benefits and costs of unemployment insurance are related to the duration of...

4. Explain how the benefits and costs of unemployment insurance are related to the duration of unemployment. (Hint: your answer should rely on the ideas of consumption smoothing and moral hazard.)

Expert Solution

Unemployment insurance is paid to compensate unemployed workers when they loose their job involuntarily due to some other factors. It insures jobless workers till they find new job.

Benefits of this insurance is that it provides source to fulfill their basic needs and workers family can also use this till the worker not get new job. It also provides security to the worker when required to fulfill their needs. It mostly helps to workers when their is any uncontrollable calamity which can be mam made or natural.

Rahul Sunny answered 2 years ago

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