Economics 0455 · IGCSE · Employment and unemployment
Employment and unemployment — practice question
The unemployment rate in Wales declined from 8.2% in March 2013 to 6.8% in March 2014. One in four workers in Wales is employed in the public sector. A large share of workers are employed by multinational companies, including a Japanese car producer and a South Korean electronics firm.
(a)[2]
Define the term ‘unemployment’.
(b)[4]
Explain two advantages that a firm may obtain from producing in another country.
(c)[6]
Using a production possibility curve diagram, analyse the effect of a fall in unemployment on an economy’s output.
(d)[8]
Discuss whether it is preferable to work in the public sector or the private sector.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Individuals who have no job but are willing and able to work” …