Macro tut 5 Class Problems

Macro tut 5 Class Problems - Business Macroeconomics,...

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Business Macroeconomics, Tutorial 5 MP: M, 9 th ed. Chapters 5, CFO: POE, 9 th edition Chapter 7 Tutorial 5: Monitoring Jobs and Inflation Class Problems and Applications: 1. The Bureau of Labor Statistics reported the following data for the second quarter of 2008: Labor force: 154,294,000 Employment: 146,089,000 Working-age population: 233,410,000 Calculate for that month the a. Unemployment rate. b. Labor force participation rate. c. Employment-to-population ratio. 2. The Bureau of Labor Statistics reported the following CPI data: June 2006 201.9 June 2007 207.2 June 2008 217.4 a. What do these numbers tell you about the price level in these three years? b. Calculate the inflation rates for the years ended June 2007 and June 2008. c. How did the inflation rate change in 2008? d. Why might these CPI numbers be biased? e. How do alternative price indexes help to avoid the bias in the CPI numbers? 3. The IMF World Economic Outlook reports the price level data (2000 = 100) in the table. 1
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Business Macroeconomics, Tutorial 5 MP: M, 9 th ed. Chapters 5, CFO: POE, 9 th edition Chapter 7 a. Which region had the highest inflation rate in 2007 and which had the highest inflation rate in 2008? b. Describe the path of the price level in Japan. 4. The IMF
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Macro tut 5 Class Problems - Business Macroeconomics,...

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