a. The population = 352 million, the labour force = 280 million, and employment = 250 million? (2 Points) Starting from the above situation, what would happen to the labour force participation rat if 35 million people lost their jobs and all of them exited the labour force? (2 Points)Note: To get the full marks, please remember the following to include in your answer (where-ever it applies): - Write your response with a complete sentence - Write down the formula/e or definition clearly with an example - Show the full calculation work clearly step by step with identifying each item/observation - Draw the diagram identifying each axis and curve properly - Provide rationale/reasoning/justification for your answer 1. The table below shows data for real and nominal GDP for a hypothetical economy over several years. Please show the full calculation work clearly step by step with written formula to get the full marks. (Please calculate the value up to 2 decimal points.) Please use the space provided below to write your answer. Year Nominal GDP (billions of $) Real GDP (billions of 2013 $) GDP Deflator 2014 777.3 795.4 2015 816.1 840.6 2016 864.9 862.9 2017 903.5 882.5 2018 953.3 920.6 995.8 950.5 2019 a. Compute the GDP deflator for each year. (4 points) b. Compute the total percentage change in GDP from 2014 to 2019. How much of this change was due to increases in prices (3 points) and how much was due to changes in quantities (3 points)? 2. A. Explain the concept of Unemployment. Please write down all the conditions for the unemployment. (2 points) B. With the information provided, determine the unemployment rate for each of these hypothetical economies. Please show the full calculation work with the written formula to get the full marks. a. Labour force = 48 million; number of people unemployed = 5.5 million; population = million. (2 points) b. Number of people employed= 32 million; labour force= 29 million. (2 points) C. What would be the labour force participation rate if (Please show the full calculation work with the written formula to get the full marks)