HSC Economics: Labour markets

What is the trend in this economy between points A and B?

Lower employment, increasing prices and lower output

Rising employment, failing prices and lower output

Falling employment, output and prices

Rising employment, output and prices

A collective agreement within a firm is called a/an

Collective bargaining agreement

Enterprise bargaining agreement

Australian Workplace Agreement

Staff contract

Which of the following are false? I. A more equitable distribution of income means individuals are less incentivised to increase their productivity, performance and effort. II. A more equitable distribution of income means higher overall growth within the economy, leading to higher standards of living and a greater ability for the economy to expand from higher investment. III. A more equitable distribution of income increases conspicuous consumption.

I and II

II and III

Which of the following would be most likely to increase structural unemployment in the manufacturing sector of the Australian economy?

An increase in tariff protection for manufacturing firms

An increase in government subsidies to manufacturing firms

An increase in global demand for Australian manufactured goods

An increase in export prices for export-oriented manufacturing firms

Which of the following could be regarded as the most effective at decreasing structural unemployment?

Improvements in snow making machines on the part of ski instructors

Textile firm downsizing employees due to increasing foreign competition

Significant improvements in economics activity which increases the demand for university lecturers

Long term unemployed gaining significant access to education and training programs

Which of the following combinations of economic policy measures would be most effective in reducing both cyclical and structural unemployment?

Increased interest rates and a ‘Work for the Dole’ program

Contractionary fiscal policy and funding for skills and training programs

Decreased taxation and a program to assist people moving between jobs

Expansionary monetary policy and a job retraining program

Which of the following best describes the role of the Government’s economic policy mix?

Both macroeconomic and microeconomic policies target structural issues

Macroeconomic policies target cyclical issues while microeconomic policies target structural issues

Macroeconomic policies target structural issues while microeconomic policies target cyclical issues

Both macroeconomic and microeconomic policies target cyclical issues

Which of the following policy combinations is likely to lead to a short-term increase in structural unemployment?

Increased tariff levels, a reduction in pay as you go income tax rates

Decreased tariff levels, a reduction in pay as you go income tax rates

Decreased tariff levels, further privatisation of government-owned businesses

Increased tariff levels, further privatisation of government-owned businesses

Clearer market signals from wages and a more educated and trained labour force would:

Reduce cyclical unemployment

Reduce frictional unemployment

Reduce structural unemployment

Increase cyclical unemployment

10. Which of the following would not remove a structural impediment in the labour market:

Retaining high minimum wages for young workers

Reducing the availability of the right to take unfair dismissal action

Reducing the role of the arbitration system in determining wages

Reducing access to the right to strike

Disincentives for the unemployed to rejoin the employed workforce develop from:

The presence of unemployment benefits

The presence of a tax on earned income

The rate of the tax on earned income

The rate of tax on low earned income and the rate of loss of welfare benefit

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HSC Economics: Labour markets

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