Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 for Trinidad and Tobago and illustrate on a line graph. Note: ONE graph should be done showing all three variables.(a) Examine the data for Trindad and Tobago 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. VariablesRelationshipJustification(i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period (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 Justification1 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 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 the given Caribbean economy to support EACH point.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 for Trinidad and Tobago and illustrate on a line graph. Note: ONE graph should be done showing all three variables.

(a) Examine the data for Trindad and Tobago 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	Relationship	Justification
(i) economic growth and unemployment
(ii) economic growth and inflation
(iii) unemployment and inflation over the period

(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
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 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 the given Caribbean economy to support EACH point.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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