Bell-land's unemployment rate is 7.2%

Answer the following questions:

1. Bell-land's unemployment rate is 7.2%. The ruler of Bell-land ( a wonderful, wise middle-aged woman in a wheelchair) asks you whether this is a good rate and if it is an improvement? What is your answer? What are the issues that you need to think about before giving your answer? Explain your answer using the concepts learned in the module. Bell-land is not the same as the U.S.(4pts)

2. Explain what has happened with labor force participation in the U.S. over the past decade especially the change in recent years. Why is this change important? What are some possible explanations for the change? (3pts)

3. Of the three estimates for quarterly GDP growth rates which is the most accurate and why? (2pts)

4. Give an example of each type of business cycle (U,V, W, L) from U.S. history. Explain why the example shows the type of cycle. (4 pts)