b. The following tables provide economic data about a country. Year 2020 21.5 million 15.9 million 0.35 million Economic Data Total population Labor force Unemployed workers Consumer Price Index 115 Year 2021 22.3 million 14.1 million 0.69 million 119 Answer the following questions using the economic data above. Make sure that you provide formulas for your calculations. i. Calculate the inflation rate of year 2021. ii. Calculate the unemployment rate of year 2021. c. Discuss how the government might respond through fiscal policy if the unemployment rate remains high. d. Inflation can be harmful to a country's economy. Discuss how demand-pull inflation occurs in the economy using diagrams.

b. The following tables provide economic data about a country. Year 2020 21.5 million 15.9 million 0.35 million Economic Data Total population Labor force Unemployed workers Consumer Price Index 115 Year 2021 22.3 million 14.1 million 0.69 million 119 Answer the following questions using the economic data above. Make sure that you provide formulas for your calculations. i. Calculate the inflation rate of year 2021. ii. Calculate the unemployment rate of year 2021. c. Discuss how the government might respond through fiscal policy if the unemployment rate remains high. d. Inflation can be harmful to a country's economy. Discuss how demand-pull inflation occurs in the economy using diagrams.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

b. The following tables provide economic data about a country.
Year 2020
21.5 million
15.9 million
0.35 million
Economic Data
Total population
Labor force
Unemployed workers
Consumer Price Index 115
Year 2021
22.3 million
14.1 million
0.69 million
119
Answer the following questions using the economic data above. Make sure that you
provide formulas for your calculations.
i. Calculate the inflation rate of year 2021.
ii. Calculate the unemployment rate of year 2021.
c. Discuss how the government might respond through fiscal policy if the unemployment
rate remains high.
d. Inflation can be harmful to a country's economy. Discuss how demand-pull inflation
occurs in the economy using diagrams.

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