Adam Bottorff Project Part 2 Economics 302 Unemployment St. Lucia 1. No available Data for these years for money growth. Describe the relationship between unemployment rate and GDP growth rates. What kind of changes in unemployment rates do you observe during recessions? Expansions? Does that align with the Okun’s law? During recessions, unemployment rate would go up and more people would be without jobs. Expansions is a growth in GDP, and unemployment rate would be lower and jobs would be muh easier to get. Okun’s law is defined as unemployment compared to a countries loss in production. Even though St. Lucia did not have any data, I looked at other countries, and Okun’s law does align up right. 2. No available date for these years for GDP growth and expense percentages. Describe the relationship between Government Spending (“Expense” variable) and GDP growth rates. What kind of changes in spending do you observe during recessions? Expansions?
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