The unemployment rate is one of the most important statistics for the economy with important implications for government policy. a. Explain the meaning of the unemployment rate and how it is measured. [3 marks] b. Explain why we cannot understand unemployment if we assume a competitive labour market with perfect information. [5 marks] c. Explain how the efficiency wage theory and the search theory of unemployment can be used to understand unemployment. [6 marks] d. Some economists, however, argue that the unemployment rate does not reflect the true state of the economy. For example, during the CoVid-19 pandemic, the unemployment rate only increased slightly from 3.8% to 4.5% from 2019 to 2020 while GDP shrunk by 10%, which is the largest recorded decline for decades. How would you reconcile the small rise in the unemployment rate with such a large decline in GDP