(Answered) 1 suppose you live in a community of 150 people where

Economics

1. Suppose you live in a community of 150 people where everyone is able and seeks to work. If 120 people are over 16 years old and 110 of them are employed, what is the

(a) unemployment rate in this community? (b) labor force participation rate

3. What are the three major types of unemployment? What are their causes?

4 . Discuss the costs associated with high inflation.

5. (a) What is the business cycle?

b). Explain what is happening during each phase of the cycle with:

I. output,

II. employment

III. and inflation

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