As we emerge from COVID-19, economists are struggling with properly assessing how much excess capacity remains in the U.S. labor market and whether the reported level of U.S. unemployment properly reflects reality.

i) how else could you try to measure labor market slack?

ii) across the business cycle, describe how the gap (between whatever is the true unemployment and full employment) generally relates to inflationary pressures.

iii)Relate this gap to the economy's overall 'output gap' (actual GDP vs. potential GDP).