If the unemployment rate is 8 percent, then this means: the number of unemployed persons equals 8 percent of the employed persons. 8 percent of the population age over sixteen is unemployed. O 8 percent of the population is unemployed. O 8 percent of the labor force is unemployed.

(a) Explain the difference between the nominal wage and the real wage. Using a wage setting curve and aprice setting curve illustrate how the real wage determines the equilibrium level of employment in theeconomy. (b) On a new diagram use a wage setting curve and a price setting curve to illustrate the change to theequilibrium level of employment if there is a reduction in the degree of competition faced by firms. Clearlystate what will occur to the real wage and the level of unemployment. (c) Suppose the economy has low aggregate demand with high unemployment. Use a new wage setting curveand price setting curve diagram to explain how the economy could automatically adjust back to equilibrium.Would this occur in reality? Justify your answer.

Assume a country has a total population of 58 million, of which 70 per cent are part of the working-age population. 23.7 million working-age people are not looking for a job, and 13.6 million are employed. What are the labour force participation rate (LFPR) and the unemployment rate (u)? O a. LFPR = 59.4%; u = 19.5% Ob. LFPR 41.6%:u-19.5% OC.LFPR = 41.6%; u = 32.8% O d. LFPR = 59.4%; u = 32.8%

Table 6.2 Year CPI 1 150 154 152 4 156 160 Refer to Table 6.2. If a worker earned $40,000 years ago when the CPI was 140, what is the minimum salary he must earn in year 2 to "more than keep up with inflation"? O $44,000.00 O $43,428.57 O $42,857.14 O $44,571.43 3.

Unemployed 17 Total Population 185 Full time Workers Discouraged Workers 14 Part Time Workers Refer to the above information. Figures are in millions. The unemployment rate in this economy is: O 12.1 percent O 13.7 percent O 15.5 percent O 12.5 percent O 13.4 percent 90 20

Suppose that the number of jobs in the fishing industry decreases but the number of jobs in the travel industry increases. Initially Select one: O a. cyclical unemployment increases O b. frictional unemployment increases O . the economy remains at full employment O d. there is a shortage of workers in both sectors O e. structural unemployment increases

In 2014, some European countries were dealing with a recession. Workers who were laid off in those countries due to the economic downturn would be Select one: O a. seasonally unemployed. O b. structurally unemployed. O c frictionally unemployed. O d. cyclically unemployed.

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