Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 9, Problem 16QP
To determine

Explain the situation of increase in wage and increase in unemployment.

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Briefly discuss the major reasons for unemployment to fall 4.9% in June 2021 even amid the Coronavirus pandemic in Australia.
In 2019, there were 10,000 people employed, 1,000 people unemployed, and 1,500 people not in the labor force. In 202 0, the following events occurred: 300 people who were looking were hired, 400 people were fired from their jobs and only half started looking for a new job, 100 people quit their jobs and did not look for new, 300 people who were not working decided to start looking, 450 people retired, and 200 people who were looking decided to stop looking due to lack of success. What is the labor force participation rate in 2020? Round to one decimal place.
There are three goods in the economy: Good One, Good Two, and Good Three. The price of Good One increased 7% last year. The price of Good Two stayed the same. The price of Good Three fell 7%. Official CPI inflation was 0% last year. All goods are equally necessary--people don't need one good more than a different good, and people can switch what they buy. What is likely about the average person's cost of living? Select one: O a. All of these are true O b. None of these are true. O.c. The average person's cost of living probably stayed the same. Od. The average person's cost of living probably fell Oe. The average person's cost of living probably increased
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