Australia's living standards revision

Which of the following is likely to be classified as structural unemployment?

• A person who loses their job as a tour operator due to a recession

• A person who loses their job as a fruit picker when there is no fruit left to pick

• A person who loses their job as an accountant because they stole from their employee

• A person who loses their job as an Economics teacher due to a decline in the number of students studying Economics

Which one of the following reasons is most likely to explain why the unemployment rate in a country remains high despite strong rates of economic growth?

• A fall in the labour force participation rate

• An increase in the number of part-time workers

• Raising the school leaving age to 18 years old

• An increase in the rate of labour productivity growth

The labour force under-utilisation rate measures the

• Unemployed as a percentage of the labour force.

• Unemployed and underemployed as a percentage of the labour force.

• Underemployed as a percentage of the population aged 15 years and over.

• Unemployed and underemployed as a percentage of the population aged 15 years and over

Using this data, the labour force participation rate is

• 55%

• 60%

• 65%

• 70%

Which one of the following factors is likely to have a different effect on Australia’s rate of economic growth than the others?

• An increase in the cash rate

• An increase in the tax-free threshold

• An increase in the rate of economic growth in China

• An increase in government spending on infrastructure

The rate of economic growth per year where it is said to be strong and sustainable is around

• 2%

• 4%

• 3%

• 5%

Using this data, the rate of economic growth for the year ended December 2022 was

• 1.4%

• 2.4%

• 3.4%

• 4.4%

What is the Reserve Bank of Australia's goal for low and stable inflation?

• To prevent inflation

• When the general consumer prices for goods and services increase around 3-3.5% per year

• To make the government spend more when prices are not increasing

• When the general consumer prices for goods and services increase on average 2-3% over time

The inflation rate for the year ended December 2022 is

• 5.5%

• 6.0%

• 6.5%

• 7.0%

Finish the equation:

[] = C + I + [] + (X - M)

• AS, G

• GDP, O

• CPI, P

• AD, G