lt;asx version=3gt; lt;titlegt;Lateline – 20-Oct-2009lt;/titlegt; lt;authorgt;Latelinelt;/authorgt; lt;copyrightgt;2009,…

Answer each question in no more than 250 words and use diagrams3 marksWhat are the current rates of unemployment and inflation in Australia? If the NRU is 4.5% how much of the current unemployment can be attributed to cyclical factors? Why is it important to take into account changes in the participation rate and in the ratio of full to part time employment in assessing the economic and social impact of changes in the unemployment rate?Visit www.abs.gov.au to assist with this question.6 marksUse the AD/AS model to show the effects on GDP and the price level, in both the short-run and long-run, of:(a)