- What were the gaps you identied in Level 7 for Canada and the US (please refer to the data below - Given the unemployment rate in Alberta, the nominal or real GDP in Alberta, and a natural rate of 5% for Canada, determine what type of GDP gap Alberta has. ( please refer to the data below: Alberta canada WForce (in billions) 2486.? 20517.9 163687 Unemployment 179.9 1341.8 6513 Unemployment rate 7.23% 6.54% 3.98% WForce Participation rate 69.58% 65.04% 49.32% When the three economies are compared, Alberta has the highest unemployment rate of 7.23%, while the US has the lowest unemployment rate of 3.98%. In terms of W force, Alberta has the best results, while the United States has the worst. This explains why a high unemployment rate has a negative impact on the economy because low economic activity means lower income for the population and thus lower consumption. This has a negative impact on society's welfare and living standards. Low unemployment indicates that economic activity is high in the economy, implying higher income for the population and higher demand, high consumption, and a higher standard of living for society. Unemployment rate (2022) 6.5 4.0% Actual GDP (2022) 218,591,000,000.00 25,460,000,000,000.00 GDP Gap 136,619,37500 5,365,ooo,ooo.oo PotentialGDP 218,727,519,375.00 25,466,365,000,000.00 Canada has $1 billion more in goods and services to produce if the unemployment rate is not above the natural rate, and the same is true for the United States. The impact on each economy is that higher unemployment drives down prices in the long run, slows economic activity, and may result in a business cycle contraction. However, the government should step in to address the recession, increasing money supply so that unemployment is reduced as a result of increased investment and job availability. Formula Cyclical Unemployment unemployment rate-natural rate GDP gap 2.5%*cyclical unemployment*actual gglg For Alberta, Canada, and the US how would a Keynesian close the gap? For Alberta, Canada, and the US how would a Supply Sider close the gap? . . What would you recommend for the GDP Gap for Alberta, Canada, and the US? Would you recommend the same solutions for Alberta, Canada, and the US? Why or why not