Jeopardy Game Macro Economics Edition Jeopardy Template

LG1: How are wages determined? What is the relation between pay and unemployment?	LG2: What is the relation between price setting and the real wage?	LG3: What is the relation between wage setting, price setting and unemployment? What is the 'battle of markups'?	LG4: Why does the unemployment rate return to the natural rate, and what is the role of expectations in this concept?	LG5: Movements in unemployment
100 true Wages are high when unemployment is low and wages are low when unemployment is high. True or false?	100 Nominal wage -> money earned each month with a job Real wage -> Buying power, the more I can buy What are the different kinds of wage and what are the differences between them?	100 Unemployment occurs when workers who want to work are unable to find jobs, which lowers economic output; However, they still require subsistence. What is unemployment?	100 Structural rate of unemployment What can be another name for the equilibrium unemployment rate?	100 False The unemployment rate must be a peak in the year of the economic crisis. True or false?
200 National labour relations Which federal law encourages workers to unionise and collectively bargain?	200 The price set by companies is obtained by adding 1 to the markup and by multiplying the result by the wage. What does the equation P= (1+m)*W mean?	200 high unemployment -> easy for firms to find workers, difficult for workers to find another job. Bargaining power decreases. Low unemployment -> Easy for workers to find another job, hard for firms to find other employees. Bargaining power increases What is the difference between high and low unemployment?	200 Equilibrium between wage and price setting What is the natural rate of unemployment?	200 Avoid hiring new workers, restructuring There are two options that companies can choose to control their number of workers during an economic crisis. What are the options? Explain.
300 Expected price level, unemployment rate and any other variable that affects wage Which three factors does the wage determination equation depend on?	300 Production function What is another name for costs?	300 maximise profit firms want people (including own employees) to buy their goods What is the battle firms face?	300 Shifts wage setting up and Natural unemployment increases What impact does higher unemployment benefits have on natural unemployment, how does it shift wage/price setting relations?	300 Higher unemployment rate means lower cost for replacement because there are many talents to replace in the job market, so they lose their bargaining power than economic expansion it means they face a situation where they have to sign in a small wage. Explain the reason why the higher unemployment rate leads to lower wages of workers?

Jeopardy game Macro economics edition

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