In: Economics
1a.
Use the table below to answer the following questions.
Suppose there are 15.66 million people employed in the economy.
Percent of Labor Force | |
---|---|
Cyclically Unemployed | 2.62% |
Frictionally Unemployed | 3.09% |
Structurally Unemployed | 3.96% |
Instructions: Round your answers two decimal places.
What is the unemployment rate? %
What is the natural rate of unemployment? %
1b.
Suppose you have been given the following information from a government and asked to compute the annual inflation rate.
Instructions: Round your answers to two decimal places.
CPI Values and Inflation
Year | CPI | Inflation Rate (percent) |
2009 | 212.61 | — |
2010 | 216.53 | % |
2011 | 223.14 | |
2012 | 229.36 | |
2013 | 232.03 | |
2014 | 234.61 |