1. a)Today's economic environment is challenged with higher than normal inflation, and the Bank of Canada has resorted to increasing interest rates to cool the economy. Based on reading the textbook, briefly describe the impact on the Canadian labour market when the government and the Bank of Canada try to reduce and eliminate high inflation in the 1970's. 2 Marks

b) Is history repeating itself? Describe how the fight against inflation might playout in this time, 2022-2023 and the likely impact on the labour market. 3 Marks