Tutorial 3_2011 - ECON1002 Introductory Macroeconomics, S1...

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ECON1002 Introductory Macroeconomics, S1 2011 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: Labour demand; labour supply; the labour market, unemployment, Business Cycle, Output Gap, Natural rate, 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? N OTE : S TUDENTS ARE REQUIRED TO SUBMIT WRITTEN ANSWERS TO P ROBLEMS 4 AND 5 ( MARKED WITH *) IN THEIR DESIGNATED TUTORIAL CLASSES . P
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Tutorial 3_2011 - ECON1002 Introductory Macroeconomics, S1...

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