Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 Jamaica and illustrate on a line graph. Note: ONE graph should be done showing all three variables. (a) Examine the data for Jamaica from 2009 to 2018. What relationship (positive, negative, none) do you øbserve between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period Relationship Justification (b) Rank the three economic variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at position 1, 2 and 3.) Rank Variable Justification 1 3 (c) “Many believe that the main objective of government economic policy should be to increase productivity and economic growth." Using the data above and your economic knowledge, critically evaluate this statement by providing THREE reasons for and THREE reasons against. Ensure that you provide a relevant real-world example from Jamaica's economy to support EACH point.
Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 Jamaica and illustrate on a line graph. Note: ONE graph should be done showing all three variables. (a) Examine the data for Jamaica from 2009 to 2018. What relationship (positive, negative, none) do you øbserve between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period Relationship Justification (b) Rank the three economic variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at position 1, 2 and 3.) Rank Variable Justification 1 3 (c) “Many believe that the main objective of government economic policy should be to increase productivity and economic growth." Using the data above and your economic knowledge, critically evaluate this statement by providing THREE reasons for and THREE reasons against. Ensure that you provide a relevant real-world example from Jamaica's economy to support EACH point.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Complete a table showing the unemployment rate, inflation rate and economic growth
rate for 2009 – 2018 Jamaica and illustrate on a line graph.
Note: ONE graph should be done showing all three variables.
(a) Examine the data for Jamaica from 2009 to 2018. What relationship
(positive, negative, none) do you observe between (i) economic growth and
unemployment, (ii) economic growth and inflation, (iii) unemployment and
inflation over the period? Justify your response.
Variables
(i) economic growth and
unemployment
(ii) economic growth and
inflation
(iii) unemployment and
inflation over the period
Relationship
Justification
(b) Rank the three economie variables from most important to least important.
Provide one relevant reason to justify your selection for each of the three
positions.
(I.e. a reason why each variable is placed at position 1, 2 and 3.)
Rank Variable
Justification
1
2
3
(c) “Many believe that the main objective of government economic policy should be
to increase productivity and economic growth."
Using the data above and your economie knowledge, critically evaluate this
statement by providing THREE reasons for and THREE reasons against. Ensure
that you provide a relevant real-world example from Jamaica's economy to
support EACH point.
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