(a) Calculate GDP for this economy for 2021 and 2022, and the rate of economic growth over the two years. (3 marks) (b) Calculate the unemployment rate, the labour force participation rate and the inflation rate for this economy for 2022. (3 marks) (c) Given your calculations in Parts (a) and (b), what stage of the business cycle is this economy most likely in, and what kind of monetary policy might be considered in response to it? Briefly explain your answer. (4 marks) Consumption spending Investment spending Government spending Net exports (= exports - imports) Employed persons Unemployed persons Working age population $21 billion CPI $28 billion $30 billion $7 billion 28.5 million 1.3 million 39.8 million $19 billion 118.6 $27 billion $29 billion $8 billion 28.3 million 1.4 million Total population 42 million (or 0.042 billion) 42 million (or 0.042 billion) 39.7 million 113.4