7. (a) Place a tick (✓) in the correct box to indicate the approximate rates which reflect Irish Government Debt-to-GDP rate, and Unemployment rate in the past year - Leaving Cert Economics - Question 7 - 2019
Question 7
7.
(a) Place a tick (✓) in the correct box to indicate the approximate rates which reflect Irish Government Debt-to-GDP rate, and Unemployment rate in the past year... show full transcript
Worked Solution & Example Answer:7. (a) Place a tick (✓) in the correct box to indicate the approximate rates which reflect Irish Government Debt-to-GDP rate, and Unemployment rate in the past year - Leaving Cert Economics - Question 7 - 2019
Step 1
(i) Government Debt-to-GDP rate
96%
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Answer
The approximate Government Debt-to-GDP ratio is 70%. This reflects a moderate level of government debt compared to the size of the economy, indicating a manageable economic condition.
Step 2
(ii) Unemployment rate
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Answer
The approximate unemployment rate is 6%. This suggests a relatively low level of unemployment, often associated with a strong economy where most individuals seeking work can find employment.
Step 3
Explain the recent trend for each economic indicator above.
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Answer
The Government Debt-to-GDP ratio has decreased due to increased economic growth, implying that as the economy expands, the debt burden becomes less significant relative to GDP. On the other hand, unemployment has continued to decline as economic growth progresses, moving closer to full employment, benefiting from improved job creation and economic stability.
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