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4. (15) President Obama is preparing several policy proposals to lower the unemployment rate. He has...

4. (15) President Obama is preparing several policy proposals to lower the unemployment rate. He has asked you to tell him what the effect will be of the following policies on the unemploy- ment rate. Be sure to explain your answer.

(a) (5) Shortening the length of unemployment benefits.

(b) (10) An increase in the minimum wage. (Use an appropriate graph to explain.)

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