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ECC1100 - Principles of macroeconomics - S1 2025

ECC1100 - Principles of macroeconomics - S1 2025

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Very briefly explain the ways that you have used AI in the production of this assessment.

A. Which AI tools you have used in this test?

B. How you have used the AI tools?

Suggested format:

used

[insert AI system(s)
and
link]
to [specific use of
generative artificial intelligence]

[number
of iterations/drafts]
. The tool was used to provide [describe
content used in task]

. The output from this tool was modified

[explain use].

View this question

Alicia is currently studying full-time but keeping an eye on the job market for positions to take up when she graduates. If she finds something suitable, she will start right away, otherwise she will actively job search once she graduates. Philip lost his job in a construction company in Jan 2025 and has been looking for another since then.

In the above

example, explain what is the effect on participation rate and unemployment rate

and the equilibrium unemployment rate (natural rate of unemployment).

The government

decides to spend $100million on infrastructure projects to create more jobs.

Would this help reduce unemployment in the above example? Why/why not?

View this question

Using the definition of unemployment, which of the following individuals would be unemployed

A full-time student quits school, enters the labour market for the first time, and searches for employment

❌

Because of an increased level of car imports, an employee of General Motors Holden is laid off

❌

Because of a reduction in the health budget, your next-door neighbour loses her job as a cleaner in a local hospital

❌

All of the options given here would count as unemployed

✅

View this question

When money is used as a means to hold wealth, it serves as a:

Suppose inflation is currently running at 15% and, as a result, sales catalogues have to be reprinted every month. This is an example of:

an unexpected redistribution in wealth

❌

menu costs due to inflation

✅

shoe-leather costs of inflation

❌

noise in the price system

❌

View this question

The natural rate of unemployment is the rate of unemployment when the economy is in:

either a recession or an expansion

❌

neither a recession nor an expansion

a recession

an expansion

Martha did not like her job as a receptionist, so she quit the job and is looking for one that better suits her artistic talents. Ting Pei would like to work, but employers are not willing to hire him because he does not have computer skills. Martha is ____ unemployed and Ting Pei is _____ unemployed.

frictionally; structurally

✅

cyclically; structurally

❌

structurally; cyclically

❌

structurally; frictionally

❌

View this question

Nigella lost her job at the day care centre when the economy turned down, but thinks they will rehire her when the economy picks up again. Nigella is _____ unemployed.

structurally

frictionally

long term

cyclically

Cyclical unemployment is:

the unemployment that results when people retire or leave the labour force

❌