2. The IMF World Economic Outlook reports the following unemployment rates: Region United States 2007 2008 4.6 5.4 Euro arca 7.4 7.3 Japan 3.9 3.9 a. What do these numbers tell you about the phase of...

Extracted text: 2. The IMF World Economic Outlook reports the following unemployment rates: Region United States 2007 2008 4.6 5.4 Euro arca 7.4 7.3 Japan 3.9 3.9 a. What do these numbers tell you about the phase of the business cycle in the United States, Euưo area. and Japan in 2008? b. What do these numbers tell us about the relative size of the natural unemployment rates in the United States, the Euro area, and Japan? c. Do these mumbers tell us anything about the relative size of the labor force participation rates and employment-to-population ratios in the three regions?