Frage 1
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The unemployment [blank_start]rate[blank_end] is the [blank_start]percentage[blank_end] of Australians who are above the age of [blank_start]15[blank_end], and are able and [blank_start]willing[blank_end] to begin working but are not.
Antworten
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percentage
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15
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willing
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rate
Frage 2
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Select the yearly Australian unemployment target rate.
Frage 3
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Choose the best reason as to why the target unemployment rate is not 0%
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Because they don't feel like it
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Because 0% unemployment limits economic growth
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Because some people like not working and we should respect that
Frage 4
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[blank_start]Cyclical[blank_end] unemployment occurs during [blank_start]downturns[blank_end] of the business cycle, when workers lose their employment positions because of these [blank_start]losses[blank_end]. An example of this would be when waiters or steel workers get [blank_start]fired[blank_end] due to a [blank_start]recession[blank_end] in sales.
Antworten
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Cyclical
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Frictional
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Seasonal
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General
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downturns
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upturns
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successes
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losses
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gainz
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successful times
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recession
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increase
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large increase
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fired
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promoted
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engaged
Frage 5
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Underemployment occurs when someone gets demoted.
Frage 6
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Choose the best reason as to why the underemployment rate might be higher than the unemployment rate at any one point in time.
Antworten
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People like working to be busy and it gives them a sense of purpose
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People need to earn money to survive, so will be employed regardless of whether their job is using their skills the best
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It sounds better to say that you have a job, rather than being unemployed until you find a job that best uses your skills
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SOCIETAL PRESSURE
Frage 7
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What is the best reason that could explain the yOuTH uNEmPLoYmEnT cRiSiS (there's two answers)
Antworten
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young people cbb to contribute to society in a positive way bc these damn millennials are so entitled
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we're all just lazy
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many entry-level jobs have been automated and replaced the need for inexperienced people to complete them
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why work wHeN nEtfLIX eXisTs
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wifi
duh
Frage 8
Frage
which of these is not a form of unemployment
Antworten
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structural
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cyclical
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general
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physical
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frictional
Frage 9
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what are the three basic economic questions
Antworten
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who buys the things
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what is the thing
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how do we make the things
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why do we make the things
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how much is the thing going to cost
Frage 10
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a list of the economic systems, in order of where the government has the most control - least control: [blank_start]planned socialist[blank_end], planned capitalist, [blank_start]market socialist[blank_end], [blank_start]market capitalist[blank_end], [blank_start]subsistence[blank_end]
Antworten
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planned socialist
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market socialist
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subsistence
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market socialist
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planned socialist
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market capitalist
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market capitalist
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planned socialist
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subsistence
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market socialist
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subsistence
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planned socialist
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planned capitalist
Frage 11
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planned capitalist has the most government intervention of all the economic systems
Frage 12
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choose the best reasons as to why economists measure GDP
Antworten
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because they're bored and it sounds cool
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because they want to monitor the growth output of an economy over a period of time
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economists measure GDP because it is a good indicator of how a government is controlling their economy
Frage 13
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the annual Australian GDP target is [blank_start]2-3[blank_end]%
Frage 14
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identify two limitations to using GDP as a measure of economic progress in australia
Antworten
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debts don't count toward GDP
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feeeeeeellliiiinnnggsssss don't count
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there are better, more inclusive ways to measure economic progress instead of GDP
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GDP sucks
Frage 15
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[blank_start]Inflation[blank_end] is the rate at which the [blank_start]general[blank_end] level of prices for goods and services increases. It is the sustained increase in price level
Antworten
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Inflation
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gross domestic product
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ur mum
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general
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highest
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lowest
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ideal
Frage 16
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The target inflation rate in australia is 2-3% yearly
Frage 17
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CPI stands for [blank_start]Consumer Price Index[blank_end], and measures the general rate at which prices increase. DFD stands for [blank_start]Domestic Final Demand[blank_end] and measures the same as CPI, however more specific to [blank_start]governments[blank_end] and businesses. CPI is specific to [blank_start]household[blank_end] expenditure.