When the economy is at full employment is the unemployment rate at 0 percent?  Why or why not?  Would you desire to live in an economy with the unemployment rate at 0 percent?

Problem Set:  Unemployment and Inflation

 

Q1: When the economy is at full employment is the unemployment rate at 0 percent?  Why or why not?  Would you desire to live in an economy with the unemployment rate at 0 percent?

 

Q2:  Here are some recent data on the U.S. consumer price index:

 

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
CPI 172.2 177.1 179.9 184 188.9 195.3 201.6 207.3 215.3

 

Calculate the rate of inflation from 2001 to 2002

Calculate the rate of inflation from 2007 to 2008

*Show your Math

 

Q3: Using the CPI data in question 5 determine if Joe’s real income is increasing.  Calculate the real his real income.

 

Year Nominal Income Real Income
2000 $40,000  
2005 $41,000  
2008 $42,000  

 

 

 

 

Q4:  Calculate the unemployment rate for the following country:

 

Total Population                                    978

Under Age 16                                        250

Retired                                                  100

Able but stopped looking for work           75

Currently Employed                              450

 

Hint:  Calculate the labor force first.

 

 

Q5:  What are the three main goals of every economy and how do we measure progress towards goals?

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