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hi, i have a couple of macroeconomics questions i need help with

hi, i have a couple of macroeconomics questions i need help with 

Macro1 (ECON1010), 2sem 2016



MACRO1 (ECON1010) Assignment 1


(Chapter 28, 26&27)


Submit online at the ?Assessment Task? in Blackboard


Due: 11:59PM on 11 Sep (Sunday)


Tutorial Time and Day: _______________________________________________________________________________________________


Student Name: ________________________________________________________________________________________________________


Student ID: _____________________________________________________________________________________________________________


This assignment covers the following topics:


Unemployment (Chapter 28)


Productivity and Growth (Chapter 26)


Saving, Investment and Financial System (Chapter 27)








This assignment contributes to 20% of the overall marks for the course.


Only a single attempt of submission permitted (hence, please ensure to attach the file version of


the assignment)





Use this Word template only for your submission (i.e., write down your answers in the space


provided in each question and submit) ? any other form of the file is NOT accepted (Failing to


do so will automatically mean zero mark for this task).


If you do not have a word processor installed in your home computer, follow this link and in


?APPS? you can use a Microsoft word processor;










The recommended browsers when uploading the file are Chrome, Firefox or Explorer (some have


suggested that Safari might not work well).


The font size has to be at least 12.


Explain your answers, but be succinct.


Label each axis and explain the diagram that you use carefully (if any).


Show all of your working in order to get partial credits.





Please ensure to attach the final version of the assignment.





After the due date any late submission will be marked as ?late?. A penalty of 10% of the allocated


marks (i.e., 2 marks) per day will apply for late submissions.





A failure of your home computer (or any kind of the IT problem) cannot be a reason for the


late submission (all requests for an extension of this nature will be rejected immediately).





Make sure you have included your student ID and name in the front page of the assignment





Working with other fellow students is strongly encouraged. However, you cannot just copy your


friend?s answers. If we find out this, you will be harshly punished for the academic plagiarism. See


??students responsibilities? at RMIT?s policy on this:







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Macro1 (ECON1010), 2sem 2016



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Macro1 (ECON1010), 2sem 2016


Short Answer Questions:


1. In the Labour Force Survey (LFS), someone who only works as little as one hour per week is defined


as employed. What implication does this have for the accuracy of the unemployment rate statistic as


a measure of true unemployment? Explain your answer (2 marks)



2. What may be the reasons for paying ?efficiency wages? and what effects should it have on firms and


workers? (2 marks)



3. Consider the following labour market data and compute the followings (where relevant, show it to


two decimal points).


Adult Population


Not in Labour Force
















i) Calculate the labour force (1 mark)


ii) Calculate the percentage of people not in the labour force (1 mark)


iii) Calculate the rate of unemployment (1 mark)


iv) Calculate the labour force participation rate. (1 mark)



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Macro1 (ECON1010), 2sem 2016


4. Do you agree with the following statement? Explain your answer:


?The participation rate usually increases during recessions such as the global financial crisis in 2008.


This is because the probability of finding a (better paid) job decreases?. (2 marks)



5. Go to In the graph shown for Y (vertical) axis select: ?Child mortality (05 years dying per 1,000 born)? and for X (horizontal) axis select ?time?. From a list of the countries


on the right-hand side bar, select Singapore, Sweden, and Venezuela. Then, Adjust time slider on the


bottom to year 1880, and then press play (no need to copy the graph here, but if you can past it here,


that?s great!):



a. Describe the data you observe, contrasting the outcomes in the three countries. (2 marks)



b. Try to provide brief explanations for these outcomes. (2 marks)



c. What is your prediction about how future outcomes will evolve in these countries? (2 marks)





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Macro1 (ECON1010), 2sem 2016


6. Go to:


Look at the table of countries and report any interesting or surprising observations you have made.


Your discussion should be more than half a page in length. (4 marks)



Page 5 of 5




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