The following table shows labour market statistics for Albania and Argentina in 2019. All figures are given as the number of persons (in thousands).

Question 4 The following table shows labour market statistics for Albania and Argentina in 2019. All gures are given as the number of persons (in thousands). Out of labour force (inactive) \" 8,917 Employed 1 .275 12,237 Unemployed 160 1,195 (a) Calculate the participation rate, employment rate and unemployment rate for Albania and Argentina in 2019. Show your workings. (3 marks) (b) Discuss which country (Albania or Argentina) has the stronger (i.e. best performing) labour market. Justify your answer. (3 marks) (c) The onset of COVID-19 has seen aggregate demand in Argentina decrease dramatically. As a result. unemployment in the country has increased. Draw a model of the labour market. Assume that before the onset of COVlD-19 the labour market in Argentina was in equilibrium. On your model show what effect the increase in unemployment in the country would have on the real wage in the short term before any adjustments take place. Label both axes, curves, and important points on your model