Question
Consider these statistics for a particular country (it's not the US!) 2019 2022 GDP $100 billion $115 billion GDP per capita $30,000 $33,000 Unemployment rate
Consider these statistics for a particular country (it's not the US!)
2019 | 2022 | |
GDP | $100 billion | $115 billion |
GDP per capita | $30,000 | $33,000 |
Unemployment rate | 6.7% | 5.6% |
Labor force participation rate | 68% | 59% |
Consumer Price Index | 100 | 125 |
Is this economy in a recession or in an expansion in 2022 (compared to 2019)? Justify your answer carefully and completely, being sure to incorporate each piece of information into your assessment. In order to fully answer this question, you will have to make at least one calculation - you must show all the steps in that calculation. Calculations that do not show all steps performed will be ignored in scoring your answer. If you require additional information to complete your assessment, state what that additional information is and why you require it. Even if you require additional information, you must explain what shape the economy is in "now" compared to "then." Your score on this question depends entirely on your explanation
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