Convincing Features
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1. Potential GDP occurs when the quantity of real GDP produced when the quantity of labor employed is the full-employment quantity. Determine potential GDP by using an aggregate labor market and provide an appropriate curve to support your evaluation. [10%]
2. Explain the rationale for the trade-off between inflation and unemployment in the short-run Philip curve. Provide an appropriate curve to support your explanation, [15%]
3. The table below provides the values of Real GDP in the Canada at the end of 2022 and the end of 2023. All values are presented in US Dollars.
| Year | Real GDP |
| 2022 | $1.62 trillion |
| 2023 | $1.66 trillion |
A. What was the Real GDP growth rate in Canada during 2023? [3%]
B. Using the Rule of 70, identify the approximate number of years that it will take Real GDP to double in Canada at its current growth rate. [3%]
C. Using the Rule of 70, identify the approximate number of years that it will take Real GDP to double in Canada if its growth rate were to increase by [3%]
D. Describe THREE (3) determinants of country’s productions. [9%]
4. The table below provides the number of workers that are employed, unemployed, and not in the labor force at the beginning of 2022.
| Labor Market Category | Number of People |
| Employed | 142,500 |
| Unemployed | 7,500 |
| Not in the Labor Force | 1001000 |
A, What is the size of the working-age population at the beginning of 2022?
B. Calculate the unemployment rate at the beginning of 2022. Give your answer as a percentage. [4%]
C. Calculate the labor force participation rate at the beginning of 2022. Give your answer as a percentage. [3%]
D. Suppose that 25,000 workers lose their jobs, but that all of them keep looking for new jobs. What is the unemployment rate at the end of 2022?
E. Suppose that 25,000 workers lose their jobs, but that all of them keep looking for new jobs, What is the labor force participation rate at the end of 2022? [3%]
Question 1
The global economy has shown signs of improvement following the COVID-19 crisis due to factors such as widespread vaccination efforts, government stimulus measures, accommodative monetary policies, adaptation to the “new normal” by businesses, enhanced supply chain resilience, stronger economic indicators, and global cooperation in addressing challenges. While challenges remain and recovery may vary across countries and regions, these factors have contributed to the gradual recovery of the global economy from the impact of the pandemic.
From the above statement, answer the following questions:
A. Analyze the socio-economic impact of COVID-19 on unemployment rates in Malaysia in the matter of challenges, solutions, and future prospects. [20%]
B. Describe the ways that monetary and fiscal policies were used to mitigate the crisis’s socioeconomic effects in Malaysia. [20%]
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