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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.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 34P: The total price of purchasing a basket of goods in the United Kingdom over four years is: year...
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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.
Transcribed Image Text: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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