1 Which one of the following people is structurally unemployed?

Select one:

A person in between jobs because they have moved to a new city

A relief teacher who works 2 hours a week

A man who was fired last week due to a lack of relevant skills

A person who lost their job due to a downturn in the business cycle

2.Consider an economy made up of 500 people, 200 of whom hold jobs, 120 of whom are looking for work and 180 of whom are retired or studying. The number of people in the civilian labour force is

Select one:

600

320

470

300

3.Changes in job advertisements are considered to be a leading indicator because

Select one:

Job advertisements tend to change after the business cycle changes

Changes in the business cycle lead changes in job advertisements

Job advertisements tend to change before the business cycle changes

Job advertisements tend to change at the same time that the business cycle changes

4.Which of the following are components of GDP?

Select one:

Only total imports

Consumption excluding exports

Government spending and investment

Saving

5.State whether the following statement is true or false and briefly explain why.

A movement along the demand curve for ice cubes could be caused by an increase in the demand for iced coffees in summer.(3 marks)

6.State whether the following statement is true or false and briefly explain why.

Under perfect competition, the market price for a good or service is as low as it can be because competition forces producers to lower their prices until zero economic profit is made (in the long run).(3 marks)