Year 10 Economics Quiz 2024

Seth is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?

• Structural
• Seasonal
• Frictional
• Cyclical

Unemployment caused by a fall in demand for goods and services across the economy.

• frictional unemployment
• seasonal unemployment
• structural unemployment
• cyclical unemployment

Unemployment caused when a person resigns from their job to start looking for a higher paying job that better suits their skills.

• Structural
• Seasonal
• Frictional
• Cyclical

How many people are NOT in the Labor Force?
Unemployed (Looking for job) = 20
Retired = 5          Prison = 2
School = 10         Employed = 180
Unemployed (not looking for job) = 20

• 20
• 40
• 37
• 140

The Unemployment rate is calculated as the number of

• unemployed persons divided by number of employed persons
  
• persons in the labour force divided by the number of unemployed
  
• unemployed persons divided by the size of the labour force
  
• employed persons divided by number of unemployed persons
  

Someone who works part-time but wants a full-time job is considered 

• a discouraged worker
• unhappy
• underemployed
• overemployed

The unemployment rate does not account for which two types of people?

• discouraged workers (hidden unemployed) and those employed
• full time carers and those in school
• retirees and those in prison
• discouraged workers (hidden unemployed)  and underemployed

What is the term for the lowest possible level of unemployment?

• full employment
• cyclical employment
• perfect employment
• peak employment

Use the following data to determine the unemployment rate: 
Total population 1000
Full time workers 500
Part time workers 200
Discouraged workers 10
Unemployed  70
What is the unemployment rate?

• 8%
• 9%
• 10%
• 11%

If CPI goes from 100 to 300 and your salary goes from $100,000 to $200,000, what happened to your purchasing power?

• Increase
• Decrease
• No change