Assignment Task :
Purpose: The purpose of this assessment is: (GMBA6008)
i) to enhance students’ capacity to critically evaluate contemporary theoretical and policy debates in macroeconomics;
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Get Help Now!ii) to provide a clear and concise summary and defence of their own position about the content
iii) to exercise questions and communicate their ideas about contemporary economic issues.
Question One: Understanding the GDP measure from real life experiences
1. Natural disasters and large-scale human error can have mixed impacts on a country’s GDP. There are hips of example. For instance, Australia’s deadliest 2019-2020 Bushfire and Droughts, Christchurch’s earthquake 2011, Japan’s March 2011 earthquake and tsunami, Gulf of Mexico oil spill 2010the 2010 U.S. 2005, Hurricane Katrina, Indonesia’s 2004 catastrophic tsunami, Queensland’s floods and cyclones 2011.
Discussion Question Two: Labour market dynamics
The underemployment rate in Australia was 8.5 % in August 2014, an increase of 0.7 % from May 2014. Combined with the unemployment rate of 6.1 %, the estimated total labour force underutilisation was 14.6 % in August 2014, an increase of 1.0 % from May 2014 (source: ABS, Sept 2014). Because of these measures, the official unemployment rate seriously understates the true state of the labour market in Australia.
- What are some reasons why the underemployment rate in Australia has on average steadily increased over the last forty years? In your response consider how the workforce has changed.
- Rather than just relying on the number of actual people who consider themselves underemployed, what would be a better way to measure underemployment?
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