Problem
Calculate the unemployment rate and labour force participation rate for Alberta and Canada. Show your work. Compare to the US unemployment rate and US labour force participation rate. Compare the three economies. Higher? Lower? Why do you think so?
Assuming a natural rate of unemployment of 5% for Canada and 4% for US, calculate the GDP gap and potential GDP for Canada and the US. Show your work. You can use nominal or real GDP, just specify. What type of gap does each country have? What is happening in each economy?