Answered: Part (b) Assume for an economy, there…

Part (b) Assume for an economy, there are 11.5 million people employed, unemployment rate is 5.2%, labor force participation rate is 64%, number of defence force personnel

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

I only need help with part (B)

is 70,000 and full-time students are 125,000. How many people are unemployed?
How many people are in the labour force?
Part (c)
Consider a simple economy that produces only three products: hot dogs, torches and
golf balls. Use the information in the following table to calculate the inflation rate for
2020, as measured by the consumer price index.
Product
Hot dogs
Torches
Golf balls
Quantity
10
15
8
Base Year
Price (2013)
$1.00
$5.00
$2.00
Price (2019)
$1.50
$7.00
$3.00
Price (2020)
$1.75
$6.75
$3.50
Now assume an investor is negotiating with a bank to obtain a loan for business. The
bank offers her two options: take a loan with 1.5% real interest rate or (ii) take a
loan with 2.0% nominal interest rate. Will she be better off with the first or the
second choice? Explain carefully.

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