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This case study focuses on the Australian economy in 2019, before the COVID-19 pandemic hit.
On 4th September 2019, the Australian Bureau of Statistics (ABS) published Real GDP data for the quarter ending June, 2019. (The reporting of GDP always lags by about 2 months as it takes time to collect and compile data). The data showed that the Australian economy recorded a quarterly growth of 0.5%.
However, there was a decrease in Real GDP per capita. Furthermore, Real GDP per capita in June 2019 was lower than it was a year before (June 2018). Overall, while Real GDP still increased, the growth was very weak; the weakest on record since March 2001. (Source: Australian Financial Review and The Guardian).
Question Given the economic conditions described above, predict how the following key macroeconomic variables would be like for the quarter ending June 2019.
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Labor force = number of employed. Labor force = population - number of unemployed. Unemployment Rate = number of unemployed ÷ (number of employed + number of unemployed) X 100.
Some of the most serious abuses taking place in developing countries deal with child labor, human slavery, sweatshops, bad governance, and environmental degradation. Select one (1) developing country, and examine the extent to which two (2) of these ..
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a. Define the real exchange rate R(t), indicating the variables used.
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you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Because Americans tend to work more hours than Europeans, should the US government also legislate ..
Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and..
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