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Tutorial test question pool answer

ECON1102 - Macroeconomics 1

18 Pages Essays / Projects Year: Pre-2018

eg. Question 19 Explain what is meant by frictional unemployment. Is it likely to be desirable for an economy to have zero frictional unemployment? Explain. Frictional unemployment is the short-term unemployment associated with the process of workers searching for the right job. It is unlikely to be desirable for an economy to have zero frictional unemployment because frictional unemployment can be beneficial to the economy. -Costs of frictional unemployment are low and may even be negative -Search process leads to better fit between worker and job, leading to higher output over the long run Question 20 Explain what is meant by substitution bias in the CPI and indicate whether it is likely to cause the CPI to overstate or understate changes in the cost of living. Substitution bias: use of fixed basket of goods means that there is no allowance made for consumers’ substitution toward relatively less expensive goods. This bias causes measured inflation to overstate changes in the cost of living.

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