Refer to the data sheet for Australia 2022. The growth rate for Australia slowed over the 4
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Refer to the data sheet for Australia 2022. The growth rate for Australia slowed over the 4 quarters of2022 (taken as a whole). Was the change in the unemployment rate and the inflation rate (using the Consumer Price Index) consistent with business cycle theory? Identify and briefly explain the type of unemployment and inflation that changed.
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Australia: Economic data 2021-22 Indicator December 4th Quarter 2021 March 1st Quarter 2022 June 2nd Quarter September 2022 2022 3rd Quarter December 4th Quarter 2022 (qoq, % change) RGDP- Annual growth rate Exports of g&s (A$ billion) 3.7 0.6 0.9 0.7 0.5 134.6 151.7 172.8 171.0 175.5 Imports of g&s (A$ billion) 107.8 122.7 129.9 141.6 136.4 Net Exports of g&s 26.8 29.0 42.9 29.4 39.1 Unemployment rate (%) 4.2 3.9 3.6 3.6 3.5 Inflation rate - GDP deflator - Annual % 9.4 7.0 8.4 6.9 9.1 change Consumer Price Inflation - Annual % 3.5 5.9 6.1 7.3 7.8 change Exchange rate (USD per AUD) 0.72 0.75 0.68 0.64 0.68 Australia: Economic data 2021-22 Indicator December 4th Quarter 2021 March 1st Quarter 2022 June 2nd Quarter September 2022 2022 3rd Quarter December 4th Quarter 2022 (qoq, % change) RGDP- Annual growth rate Exports of g&s (A$ billion) 3.7 0.6 0.9 0.7 0.5 134.6 151.7 172.8 171.0 175.5 Imports of g&s (A$ billion) 107.8 122.7 129.9 141.6 136.4 Net Exports of g&s 26.8 29.0 42.9 29.4 39.1 Unemployment rate (%) 4.2 3.9 3.6 3.6 3.5 Inflation rate - GDP deflator - Annual % 9.4 7.0 8.4 6.9 9.1 change Consumer Price Inflation - Annual % 3.5 5.9 6.1 7.3 7.8 change Exchange rate (USD per AUD) 0.72 0.75 0.68 0.64 0.68
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a The unemployment rate in the September 3rd Quarter 2022 is 36 b The C... View the full answer
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