Then how about no 2,3 and 4 2. Assume the following data for a country: total population, 500%;population under 16 years of age or institutionalized, 120; not inthe labor force, 150; unemployed, 23; part-time workers lookingfor full-time jobs, 10. What is the size of the labor force? What isthe official unemployment rate? LO9.23. Suppose that the natural rate of unemployment in a particular yearis 5 percent and the actual unemployment rate is 9 percent. UseOkun's law to determine the size of the GDP gap in percentage-point terms. If potential GDP is $500 billion in that year, how muchoutput is forgone because of cyclical unemployment? LO9.24. If the CPI was 110 last year and is 121 this year, what is thisyear's inflation rate? In contrast, suppose that the CPI was 110last year and is 108 this year. What is this year's inflation rate?

2. A labor force includes people who are either actively employed or being indulged in seeking some…

Answered: 2. Assume the following data for a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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