(55 points) Answer the following prompt in a single Word document and submit the document by 11:59PM on Friday, May 24th. Your answer should be double-spaced and not longer than 350-400 words. Don't try to make your answer as long as possible - just be clear, concise, and legible. You can use your notes from lecture videos and the textbook, but do not use any other outside sources. Good luck! FRED ) = Unemployment Rate 15.0 10.0 Percent 75 Apr2024: 3.9 25 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: U.S. Bureau of Labor Statistics o As of April 2024, the official unemployment rate in the U.S. was 3.9%, close to the unemployment rate of 3.5% in February 2020, before the COVID pandemic caused much of the U.S. economy to shut down. The current 3.9% rate is much lower than the official rate of 14.7% in April 2020, shortly after the pandemic shutdown began. Some have argued that this relatively low unemployment rate indicates that the U.S. labor market is currently strong. As of April 2024, the official unemployment rate in the U.S. was 3.9%, close to the unemployment rate of 3.5% in February 2020, before the COVID pandemic caused much of the U.S. economy to shut down. The current 3.9% rate is much lower than the official rate of 14.7% in April 2020, shortly after the pandemic shutdown began. Some have argued that this relatively low unemployment rate indicates that the U.S. labor market is currently strong. e What role did fiscal policy play in reducing the unemployment rate so much in a relatively short period of time after the pandemic began? How would a macroeconomist argue that private capitalist investment was not enough to respond to this recession, and why fiscal policy was necessary to keep the labor market strong? What important factors related to the health of the job market are NOT included in the official unemployment rate? How could these other factors indicate that the U.S. job market is still weak in some ways, despite the relatively low official unemployment rate