Question

What is considered as full employment in Australia?

1) 4.5
2) 5
3) 4.5-5
4) Cannot be determined

Answer 1

Full employment in Australia is generally considered to be an unemployment rate of 4 percent or less, as it means that a high percentage of the labor force is employed. The unemployment rate can vary depending on the region and time period. Correct option is 1.

Step-by-step explanation:

Full employment in Australia is generally considered to be an unemployment rate of 4 percent or less. This means that 96 percent or more of the labor force is employed. However, it's important to note that achieving absolute full employment is impossible due to people leaving their jobs or being unable to work for various reasons.

For example, the unemployment rate in Australia was 4.9% in July 2021, which is considered relatively low. The rate can vary over time and across different regions within the country. Therefore, option 1) 4.5 is the most accurate answer as it falls within the range of full employment.