Summarize what happened in each of the two provinces in the tables below. The unemployment rate declined in each region. Is that a good thing or a bad thing? Explain.
2.Explain the four types of unemployment we discussed in class. What makes up the Non-accelerating Inflationary Rate of Unemployment (NAIRU) and why can it exist when the overall economy is in balance, i.e. actual GDP equals potential GDP?
3.In the table on the right the unemployment rate remains unchanged between March and April of 2018. How is this possible given the level of unemployment rose? Is this a good change or a bad change for the Canadian labour market? Why?
4.Explain the difference between “Cost Push” and “Demand Pull” inflation. Why was the “Cost Push” inflation or “Stagflation” such a problem in the 1970s?
