Question

In: Economics

1a. Use the table below to answer the following questions. Suppose there are 15.66 million people...

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

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