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9FQ5 (sample) - 2 A Consumer Expenditure Survey in a...

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Quiz 5 (sample) RGDP, unemployment rate and CPI quantify the performance of an economy. In chapter 4, we study RGDP and in chapter 5, we study unemployment rate and CPI. This quiz is related to unemployment rate and CPI. 1. BLS reported the following data for the second quarter of 2008: Working age population: 233 million Labor force: 154 million Employment: 146 million Calculate: (a) Unemployment rate. [2] (b) Labor force participation rate. [2] (c) Employment-to- population rate. [2]
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Unformatted text preview: 2. A Consumer Expenditure Survey in a country shows that people consume only juice and cloth. The prices and CPI basket of households are in the following table. Item CPI basket (Q) Price (P) Price (P’) (2007) (2007) (2008) Juice 10 $4.00 $4.00 Cloth 5 $5.00 $6.00 . Base year 2007 (a) Find the cost of market basket for 2007 and 2008. [2] (b) Find CPI (2007) and CPI (2008). [2] (c) Find the inflation rate of 2008. [2] 2....
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