1. In an essay no less than 300 words compare and contrast the labor market during the Great Recession of 2008 – 2009 with the present Covid-19 period. In your discussion include differences in monthly unemployment rates and number of people filing for unemployment. You will need to get unemployment data outside the text (Bureau of Labor Statistics is an example).

2. Suppose you live in a community of 5,000 people where everyone wants to work and seeks employment. If 4,000 people are over 16 years old and 3,000 of them are employed, what is the unemployment rate in this community?

3. What are the three major types of unemployment? What are their causes?

4. Discuss the costs associated with high inflation.

5. Describe the four phases of the classical business cycle

explaining how employment is typically affected during each

phase?