1. Do you believe Spain is above or below full employment in 2015? Why? Explain and represent this with reference to an AD/AS model.
2. Based on the article and graphs above what is happening to Aggregate Demand in Spain in 2015? Explain with reference to economic theory and your graph in a).
3. Consider Spain’s most recent unemployment rate (from Source 2 above). If in 2015 the Spanish labour force was 22,353,000, how many people would be unemployed in 2015?
How would the decrease in oil prices, taxes and wages in Spain in 2015 described in the article affect the economy’s SAS curve? Explain and demonstrate this effect using an AD/AS model.
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