IndividualAssignment ECO202 –Macroeconomics The assignment is worth 30% of the total unit weight....

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IndividualAssignment
ECO202 –Macroeconomics
The assignment is worth 30% of the total unit weight.
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Please Answer The Following Four Discussion Questions (each worth 10 marks)
1. Explain four types of unemployment
2. Explain the advantages and disadvantages of:(a) A flexible exchange rate regime
(b) A fixed exchange rate regime
3. Suppose the Reserve Bank of Australia increases the interest rate. What happens to the supply and
demand for Australian dollars? Does the dollar appreciate or depreciate? Explain with words and a diagram.
    Unit: ECO101 – Microeconomics
    Instructions:
    You are requested to submit your assignment on Turnitin for checking Plagiarism

tae_636732790084504984_121786_1.pdf

Riyas K · Accepted Answer

1. Explain four types of unemployment 
Unemployment can be defined as state of not employed of job seekers they are willing to work 
at the prevailing wage (Mankiw, 2014). Unemployment is the situation where a person who is 
willing to work at the prevailing wage rate but unable to find one. An individual is not treated 
as unemployed when he or she is not willing to work at the prevailing wage rate. Unemployed 
are people they actively search or look for employment at the prevailing wage rate but unable 
to find a suitable job. Labour is one of the important factors of productive resources. 
Unemployment of labour resource is called under utilisation of available productive resource 
and the same will result achieving an output level that is less than potential level of output. 
Potential output is the maximum level of output that can be produced by a country but fully 
utilizing its available resources. In economics unemployment is classified as four types. They 
are: Structural unemployment, frictional unemployment, Cyclical unemployment and Seasonal 
unemployment. This classification of unemployment is based on the nature of unemployment. 
Structural Unemployment:- This is one type of unemployment an arise on account of skill that 
labour possess do not suit the skill required by the industry. This happens due to reorganization 
of industries or technological changes. During the course of time the economy undergo many 
structural changes that necessitate labour to acquire new skills because due to structural 
changes there is structural changes in the production and manufacturing. Technological 
changes demand new set of labour skill and if they do not possess the required they will render 
unemployed. Therefore unemployment arise due to structural changes in the economy is 
classified as structural unemployed (Case, 2016). Labour need some time to acquire skill that 
necessitated by structural time and till that time they will be out of the job market.  
Frictional Unemployment:-Frictional unemployment is the time spent by workers in searching 
for employment for the present one. Workers and employees take some time to search for new 
employment after quitting from the present job. Time takes between finding job and searching 
for it the labour will be out of the job market. This types job searching unemployment is called 
frictional unemployment. As the times suggest this unemployment exists for a short while.  
Cyclical Unemployment: Cyclical unemployment occurs due to regular ups and downs in 
business activity. This cyclical ups and downs is the major cause of increase and decrease in 
unemployment. Cyclical unemployment tends occur with business cycles. When the economy 
is bottom of business cycle cyclical unemployment tend to be very high and when the economy 
experience peak of the business cycle cyclical employment tend to be very low.  
Structural Unemployment:- This is one type of unemployment an arise on account of skill that 
labour possess do not suit the skill required by the industry. This happens due to reorganization 
of industries or technological changes. During the course of time the economy undergo many 
structural changes that necessitate labour to acquire new skills because due to structural 
changes there is structural changes in the production and manufacturing. Technological 
changes demand new set of labour skill and if they do not possess the required they will render 
unemployed. Therefore unemployment arise due to structural changes in the economy is 
classified as structural unemployed. Labour need some time to acquire skill that necessitated 
by structural time and till that time they will be out of the job market (Mankiw, 2014).
2. Explain the advantages and disadvantages of:(a) A flexible exchange rate regime (b) A fixed 
exchange rate regime.

IndividualAssignment ECO202 –Macroeconomics The assignment is worth 30% of the total unit weight. Unit: Total Weight: Instructions: 1. Students are required to cover all stated requirements, penalty...

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