Variable 2022 2021 Consumption spending $21 billion 519 billion investment spending $28 billion $27 billion Government spending $30 billion $29 billion Net exports {: exports imports) $7 billion $8 billion Employed persons 28.5 million 283 million Unemployed persons i3 million i.4 million Working age population 398 million 39,? million Total population .12 million (or 0.042 billion) 42 million (or 0.0.13 billion) Cpl 1:3.5 iii: 5 (a) Calculate GDP for this economy for 2021 and 2022, and the rate of economic growth over the two years. (3 marks) (b) Calculate the unemployment rate, the labour force participation rate and the inflation rate for this economy for 2022. (3 marks) (c) Given your calculations in Parts (a) and (b), what stage of the business cycle is this economy most likely in, and what kind of monetary policy might be considered in response to it? Briefly explain your answer. (4 marks)