PRINCIPLES OF ECONOMICS 2ND
AUSTRALIAN EDITION JOSEPH STIGLITZ
CARL WALSH JEFFREY GOW ROSS GUEST
WILLIAM RICHMOND MAX TANI TEST
BANK COMPREHENSIVE TEST PAPER 2026
COMPLETE ANSWERS ACCURATE
⫸ What is structural unempoyment? Answer: Job eliminated,
accumulated experience is no longer valued in the labor market.
⫸ What is cyclical unemployment? Answer: Laid off due to a recession
⫸ How do you calculate the unemployment rate? Answer: (# of
unemployed/labor force) x 100
⫸ How do you calculate the labor force participation rate? Answer:
(labor force / population) x 100
⫸ Who is in the labor force? Answer: Those who are employed and
those who are actively looking for work.
⫸ Another term for having no cyclical unemployment. Answer: Full
employment
AUSTRALIAN EDITION JOSEPH STIGLITZ
CARL WALSH JEFFREY GOW ROSS GUEST
WILLIAM RICHMOND MAX TANI TEST
BANK COMPREHENSIVE TEST PAPER 2026
COMPLETE ANSWERS ACCURATE
⫸ What is structural unempoyment? Answer: Job eliminated,
accumulated experience is no longer valued in the labor market.
⫸ What is cyclical unemployment? Answer: Laid off due to a recession
⫸ How do you calculate the unemployment rate? Answer: (# of
unemployed/labor force) x 100
⫸ How do you calculate the labor force participation rate? Answer:
(labor force / population) x 100
⫸ Who is in the labor force? Answer: Those who are employed and
those who are actively looking for work.
⫸ Another term for having no cyclical unemployment. Answer: Full
employment