Unemployment and the Movement Away From Full-Time Work (HSC SSCE Economics): Quizzes

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Unemployment and the Movement Away From Full-Time Work
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What is unemployment?

When people want to work but can't find job

What is the formula for calculating the unemployment rate?

UnemployedLabour force×100\frac{\text{Unemployed}}{\text{Labour force}} \times 100

What causes cyclical unemployment?

Economic downturns reducing demand

What defines structural unemployment?

Mismatch between worker skills & job needs

How long must someone be without work to be classified as long-term unemployed?

12 months or more

What was Australia's peak unemployment rate in 1992-93?

10.7%

How many hours per week defines part-time employment?

Less than 35 hours

What is Australia's part-time employment rate compared to OECD?

25.7%, third-highest in OECD

What characterizes hidden unemployment?

People stopped seeking work, not counted

What is underemployment?

Part-time/casual workers wanting more hours

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