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Go to the latest labour market figures on the Australian Bureau of Statistics website (6202.0 – Labour Force, Australia [email protected]/mf/6202.0 ), and use the data for the most recent month, April, to answer the following questions. You only need to use the data in the “Key Figures” table. Please use the seasonally-adjusted numbers, since these are the ones usually referred to in the media and used by economic analysts.

a) Calculate the size of the labour force, and show your working. [2 marks]

b) Show how the unemployment rate is calculated from the numbers of people. [2 marks]

c) Use the numbers in the table to calculate the working age population, and show how you calculated this from the other numbers. [3 marks]

d) Explain what ‘seasonally adjusted’ means, and why we might want to look at seasonally adjusted data instead of data that is not seasonally adjusted. [3 marks]

e) Explain the difference between structural unemployment and cyclical (or demanddeficient) unemployment, and how you interpret the current unemployment rate with 

respect to how much is due to each of these two types. [5 marks]

f) Should the target for the unemployment rate be 0%? Why or why not? [5 marks]

+ 9Apr 19Mar 19 toApr 18 toApr 19Apr 19Seasonally AdjustedEmployed persons12, 794. 5 12, 822. 928.42. 6%(‘ 000)Unemployed persons682. 6703. 921.2-3. 7%(‘ 000)Unemployment rate5. 15. 20. 1 pts-0.3 pts(X )Underemployment8. 28. 50. 3 pts0 ptsrate (*)Participation rate65. 765. 80. 2 pts0.3 ptsMonthly hours worked1, 786.0 1, 788.52. 51. 9%in all jobs (‘ 000000)EMPLOYED PERSONS

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