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ECC1100 - Principles of macroeconomics - S1 2025

ECC1100 - Principles of macroeconomics - S1 2025

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Using the definition of unemployment, which of the following individuals would be unemployed

A full-time student quits school, enters the labour market for the first time, and searches for employment

❌

Because of an increased level of car imports, an employee of General Motors Holden is laid off

❌

Because of a reduction in the health budget, your next-door neighbour loses her job as a cleaner in a local hospital

❌

All of the options given here would count as unemployed

✅

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When money is used as a means to hold wealth, it serves as a:

Suppose inflation is currently running at 15% and, as a result, sales catalogues have to be reprinted every month. This is an example of:

an unexpected redistribution in wealth

❌

menu costs due to inflation

✅

shoe-leather costs of inflation

❌

noise in the price system

❌

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The natural rate of unemployment is the rate of unemployment when the economy is in:

either a recession or an expansion

❌

neither a recession nor an expansion

a recession

an expansion

Martha did not like her job as a receptionist, so she quit the job and is looking for one that better suits her artistic talents. Ting Pei would like to work, but employers are not willing to hire him because he does not have computer skills. Martha is ____ unemployed and Ting Pei is _____ unemployed.

frictionally; structurally

✅

cyclically; structurally

❌

structurally; cyclically

❌

structurally; frictionally

❌

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Nigella lost her job at the day care centre when the economy turned down, but thinks they will rehire her when the economy picks up again. Nigella is _____ unemployed.

structurally

frictionally

long term

cyclically

Cyclical unemployment is:

the unemployment that results when people retire or leave the labour force

❌

the extra unemployment that occurs during periods of recession

✅

short-term unemployment that is associated with the process of matching workers with jobs

❌

the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers

❌

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Structural unemployment is:

the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers

❌

the unemployment that results when people retire or leave the labour force

❌

long-term and chronic unemployment that exists even when the economy is producing at a normal rate

✅

the extra unemployment that occurs during periods of recession

❌

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In a country with 20 million people aged 15 years and older, 12 million in the labour force, and 11.4 million employed, what is the unemployment rate?

❌

✅

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If workers and employers expecting 5% inflation agree to a three-year wage contract and inflation turns out to be 3%, then:

workers gain and employers gain

❌

workers lose and employers lose

❌

workers gain and employers lose

✅

workers lose and employers gain

❌