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Covid-19 has created unexpected external shocks on production side effecting both employers and employees. These effects...

Covid-19 has created unexpected external shocks on production side effecting both employers and employees. These effects can be summarized under the terms of “labor” and “non-labor” determinants of production process. For Iceland, please identify the labor and nonlabor determinants and guesstimate (or attempt to predict) the direction of the following indicators by using the elements of PS and WS framework. Please explain the details of your analysis for every specific item.

a. Nominal wage

b. Real wage

c. Inflation

d. Unemployment rate

e. Output

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