MAE203: The Global Economy - Week 6 Test - Economics Assignment

This assignment, a Week 6 test for the MAE203 Global Economy course, assesses understanding of core macroeconomic concepts. The test covers the definition and types of unemployment (cyclical, structural, and frictional), and requires calculation of the unemployment rate and labor force participation rate. It also involves calculating the inflation rate, identifying factors influencing economic growth, and explaining the functions of money. The assignment also assesses the student's understanding of the relationship between economic contractions, unemployment, and businesses. The student provides definitions, calculations, and explanations, demonstrating their grasp of essential economic principles related to labor markets, inflation, and monetary functions.