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Tutorial 3_2010 - ECON1002 Introductory Macroeconomics S2...

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ECON1002 Introductory Macroeconomics, S2 2010 Tutorial Tasks 1 R EADING G UIDE : R EVIEW C HAPTERS 5 AND 6 OF BOF AS PREPARATION FOR THIS TUTORIAL . Y OU SHOULD ALSO LOOK OVER YOUR LECTURES NOTES FOR W EEKS 1 TO 3. Key Concepts: Review of the GDP and the CPI, Labour demand; labour supply; the labour market, unemployment, Okun’s Law. R EVIEW OF C ONCEPTUAL U NDERSTANDING These are to be attempted before the tutorial. They will not normally be covered in the tutorial, maybe, except for a quick review, time permitting. The answers are typically found in the textbook and lecture notes. 1. How is the unemployment rate measured? 2. What are the distinguishing features of the different types of unemployment recognised by economists? 3. What are the arguments, for and against, the payment of generous unemployment benefits? 4. What is the role of productivity? How does it relate to employment and GDP? 5. How is the participation rate related to (un)employment? 6. What is a recession? 7. What is Okun’s Law? 8. What is the natural rate of unemployment? P ROBLEMS *1. Production data for Bob’s Bicycle Factory are as follows.
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