Question
1. Find the working age population, the labour force, and the number of unemployed persons for April 2022 and May 2022 and calculate the unemployment
1. Find the working age population, the labour force, and the number of unemployed persons for April 2022 and May 2022 and calculate the unemployment rates, and the labour participation rate, respectively.
(Source: https://www.abs.gov.au/statistics) (10 marks)
2. Using data from the case study, illustrate and explain the impact of COVID-19 on the Australian economy in an AD-AS model. You must use statistical data to quantify the impact on GDP growth, inflation, and unemployment. (Keep in mind that your explanation and the AD-AS diagram must be consistent.) (10 marks)
please use the link below to answer the question
See: https://www.rba.gov.au/speeches/2020/pdf/sp-gov-2020-11-16.pdf and
https://treasury.gov.au/speech/policy-and-evolution-uncertainty
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