Question 4 Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph: a) an increase in labour productivity b) an increase in preference for work c) the trade union withdraws labour through a strike.
Question 4
Using your knowledge and understanding of
a) an increase in labour productivity
b) an increase in preference for work
c) the trade union withdraws labour through a strike.
Question 5
Year 2010 2011 2012 2013 2014 2015
Examine the data on the economic growth and unemployment rate for 2010-2015
(i) What trends do you observe in the unemployment rate? In economic growth?
(ii) Identify the relationship between Economic Growth and Unemployment, if any.
(positive, negative, no relationship) Use the data to justify your choice.
(iii) Does the relationship observed in part 2 satisfy the economists' view of the
relationship between economic growth and unemployment?
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