List of top Macroeconomics Questions on Inflation and unemployment asked in IIT JAM EN

Consider the information given in the table below:

Year	Unemployment Rate (in percent)	Number of unemployed (in millions)	Labour Force Participation Rate (in percent)
2010	15	30	70
2020	20	50	80

The percentage change in working-age population from 2010 to 2020 is __________ (rounded off to two decimal places).

Suppose expected inflation rate ($\pi^e_t$) of an individual is formed as:
$\pi^{e}_t = (1 − \theta) \overline{\pi} + \theta \pi_{𝑡−1}$
where, $\overline{\pi} $ is constant inflation rate, $\pi_{t−1}$ is previous year’s inflation rate, and $ 0 \leq \theta \leq 1$ is weight assigned to inflation rate at different points in time.
Then, which of the following is NOT CORRECT?

Consider a short-run Phillips curve with a constant expected rate of inflation. If the aggregate demand decreases unexpectedly and the labour force remains the same, then what will happen to aggregate price and unemployment rate?

Individuals who were either unemployed or out of labour force but had worked for at least 30 days over the reference year were included in the labour force by the NSSO in its labour force surveys. Under which one of the following classifications does the above procedure appear?

Among the following statements which one is CORRECT?
S1: Structural unemployment arises in between two jobs, the first job which an individual has quit in order to find the second job.
S2: Frictional unemployment arises due to the mismatch of vacancies and skills of the individual.

Suppose that one million unemployed persons in a country are receiving Rs. 6000 per month per person as an unemployment allowance. If the government, instead of paying unemployment allowance, hires all of them at the same amount (Rs. 6000 per month per person) and engages them in digging the pits and filling the same pits. What will be the effect on GDP?

From the following, who first examined the close negative relationship between the unemployment rate and the output ratio?

Which of the following is NOT a postulate of the Classical Model of full-employment equilibrium?

The real exchange rate is given by e = EP/P*, where e is the price of domestic goods in terms of foreign goods, E is the price of domestic currency in terms of foreign currency, P is the domestic price level, P* is the foreign price level. If the Indian Rupee depreciates vis-à-vis the Japanese Yen, and the Marshall-Lerner condition holds, then

Suppose that the full employment level of output of an economy is Rs. 2200 million, expenditure determined level of output is Rs. 2163 million, and the marginal propensity to consume is 0.75. The deflationary gap equals Rs. _____ million (round off to 2 decimal places).