Imagine Tom a young adult who has been registered as unemployed since he left high school a little over a year ago. He does not think there are any job prospects and has given up looking for work. He spends most of his time at home watching television. However, makes half-hearted attempts to look for work. For example, one afternoon each week he attends a local job club and is active on social media.

Now imagine James in his fifties who had worked in the local factory in a small regional town for most of his working life. He lost his job when the factory closed down due to a recession and has been unable to find any work since. He does not go out to collect his unemployment benefits because he no longer expects to find work. He tries to find useful things around the house to fill in his time.

Weblink: Go to the ABS website at http://www.abs.gov.au. Select 'Statistics', then 'Employment and unemployment' (under the heading 'Labour') and then 'Labour Force, Australia' for the latest unemployment rates. Next answer the questions that follow.

Question 1: Consider the example of the young siblings. How would you classify this form of unemployment? Explain your answer. Explain how the young siblings are an example of how the unemployment rate can be overstated.

Question 2: Consider the example of the man in his fifties. How would you classify this form of unemployment? Explain your answer. Explain how the older man is an example of how the unemployment rate can be understated.

Question 3: Is one type of unemployment a more serious problem than the other?

Part B: Table: International comparisons of economic growth and economic wellbeing

Country name	2014	2015	2016	2017	2018	2019
Australia	2.53	2.19	2.77	2.3	2.95	2.16
Brazil	0.5	-3.55	-3.28	1.32	1.32	1.14
Canada	2.87	0.66	1	3.17	2.01	1.66
China	7.43	7.04	6.85	6.95	6.75	5.95
Germany	2.21	1.49	2.23	2.6	1.27	0.56
HongKong SAR,China	2.76	2.39	2.17	3.79	2.85	-1.25
India	7.41	8	8.26	7.04	6.12	4.18
Japan	0.37	1.22	0.52	2.17	0.32	0.65
Norway	1.97	1.97	1.072	2.32	1.29	1.15
Nepal	5.99	3.32	0.59	8.22	6.7	6.99
Pakistan	4.67	4.73	5.53	5.55	5.84	0.99
Singapore	3.94	2.99	3.24	4.34	3.44	0.73
UnitedStates	2.53	2.91	1.64	2.37	2.93	2.16
Vietnam	5.98	6.68	6.21	6.81	7.08	7.02
World	2.86	2.87	2.61	3.3	2.98	2.34

YearlydatafromtheWorldBank.

Weblink: Go to the Australian Bureau of Statistics (ABS) website at http://abs.gov.au/. Select 'Statistics' and then 'Key Economic Indicators' (under the heading 'Economy') to see Australia's GDP levels over recent months and over the past year. The ABS site also provides details about general progress indicators (GPI) and other measurements of sustainability and economic welfare.

Question 1: Comment on the growth figures for the different countries shown in Table

Question 2: What are the key measures of economic performance and how are they calculated?

Question 3: What measures (other than GDP) would you use to compare economic well-being among these countries? Please explain your answer

Thanks.

Answer rating: 100% (QA)

Answer Question 1 Consider the example of the young siblings How would you classify this form of unemployment Explain your answer Explain how the young siblings are an example of how the unemployment ... View the full answer