Exercise 4.1 You have the following annual data for an economy: Consumer price index (2007=100) Year Real GDP Labour force Employment (2007 $) (000) (000) 2012 1,282 109.1 17.593 16.537 2013 1,307 111.9 17.857 16.696 2014 1,288 138.9 18.125 16.856 (a) What was the rate of growth of real GDP from 2012 to 2013, and 2013 to 2014? (b) What was the rate of inflation in 2013 and in 2014? (c) What were the rates of growth of the labour force and employment from 2012 to 2013, and 2013 to 2014? (d) What happened to the unemployment rate between 2012 and 2013, and between 2013 and 2014?

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