12. Consider the following Beveridge curve of a labor market L, which is characterized by (12 u)2 = 1 v 100 + ' where 'u is the vacancy rate and u is the unemployment rate. Both '0 and u. are measured in percentage. The Beveridge curve describes the labor market L per- fectly. The population and labor force participation rate remained the same over time. At the end of Year 2019, when the unemployment rate was 6%, the total number of job vacancies was 340. At the end of Year 2020, the vacancy rate was 1.16%. Which of the following statements is correct? A Beveridge Curve 1.6 Vacancy Rate ('56) i _|. N 4 6 8 1O Unemployment Rate {'56}