Tabular presentation of GDP growth and Unemployment of UK and Jamaica:-   Unemployment Rate(%) Growth Rate (%) Year Jamaica UK Jamaica UK 2016 13.19 4.81 1.5 1.7 2017 11.63 4.33 0.68 1.7 2018 9.1 4 1.83 1.3 2019 7.72 3.74 0.97 1.4 2020 8.4 4.34 -10.05 -9.8 (i) what is the relationship between unemployment and economic growth for Each country?

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2. The inflation-unemployment relationship The following graph shows the combinations of unemployment and inflation that existed in the United States for selected years between 1961 and 1969. Click on any blue point (circle symbol) on the graph to get its exact coordinates. You can also use the black point (cross symbol) to find the coordinates of other points along the curve. (Note: You will not be graded for any adjustments made to the graph.) INFLATION RATE (Percent) 1989 5.0 4.5 1988 4.0 3.5 1967 3:0 2.5 2.0 1965 1964 1.5 1983 1961 1.0 0.5 0 3.0 3.5 40 45 5.0 5.5 6.0 8.5 7.0 UNEMPLOYMENT RATE (Percent) What happened to the inflation rate between 1965 and 1969? The inflation rate decreased from 1.9% to 1.5%. The inflation rate increased by 3 percentage points. The inflation rate decreased by 2 percentage points. O The inflation rate increased from 2.9% to 4.3%. ? If the unemployment rate had been 4.0% during the 1960s, the inflation rate would most likely have been:

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204 20(4).pdf 2 / 3 The average nominal incomes earned in Eturia and the CPI are shown in the table below. 2018 $26,700 105 Q Search Nominal income CPI (2002 = 100) F5 — to the nearest dollar. Calculate real income for each year. Enter your responses in the table above. Round your answers Ws b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. 100% + @ 4. The information in the table below is for the economy of Mensk. Round your responses below to one decimal place. Working-age population Number of people in full-time employment Number of people in part-time employment Number of people unemployed Number of discouraged workers % 5 € in a. What is the unemployment rate? b. What is the participation rate? F6 6 5. The table below shows national data for the economy of Westfall. Round your intermediate DELL F7 & 7 F8 12 8 F9 2019 $32,000 107 1 prt sc F10 9 home H F11 O 25.0 12.0 0 5.0 2.5 2.0 2020…

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The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is million hours. Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 20 19 18 17 16 Real GDP (millions of 2012 dollars) 100 195 285 370 450 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 25 10 5

Question 2 Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017? Part (b) Assume for an economy, there are 11.5 million people employed, unemployment rate is 5.2%, labor force participation rate is 64%, number of defence force personnel

↑ Nominal Average CPI Year Hourly Earnings (1982-1984 100) 2020 $10 188.9 2021 11 195.3 2022 13 201.6 Looking at the table, real average hourly earnings between 2021 and 2022 changed by OA. 1.2%. OB. 4.5%. OC. 9.9%. OD. 14.5%.

21 Using the table below, find the average duration, the minimum duration, and the maximum duration of expansions in the United States since 1929. Recession Duration (months) Highest Unemployment Rate (%) 24.9 Duration of subsequent expansion (months) 50 Peak date Trough date (end) Mar. 1933 Change in real GDP (%) (beginning) Aug. 1929 May 1937 Feb. 1945 00:58:27 43 --28.8 June 1938 13 19.0 -5.5 80 Skipped Oct. 1945 8. 3.9 -8.5 37 Nov. 1948 Oct. 1949 11 5.9 -1.4 45 July 1953 Aug. 1957 Apr. 1960 Dec. 1969 May 1954 Apr. 1958 Feb. 1961 10 5.5 -1.2 39 8. 6.8 -1.7 24 10 6.7 2.3 106 Nov. 1970 11 5.9 0.1 36 Nov. 1973 Mar. 1975 16 8.5 -1.1 58 12 July 1980 Nov. 1982 Jan. 1980 6. 7.6 -0.3 -2.1 92 July 1981 July 1990 Mar. 2001 16 9.7 Mar. 1991 8° 7.5 -0.9 120 Nov. 2001 8 5.8 0.8 73 Dec. 2007 June 2009 18 10.0 -4.1 na Instruction: Enter your responses as whole numbers. me Average duration: Minimum duration: Maximum duration: Are expansions getting longer or shorter on average over time? (Click to…