q2w3e4 - In terms of formula the inflation rate is(CPI this...

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Eco 1101 study guide questions. There is a caveat. The list of questions is by no means exhaustive. (a) What is the unemployment rate? (b) What type of unemployment rises with recession? (c) In a country with a working age population of 200 million, 90 million workers are employed. 10 million are unemployed. What is the unemployment rate? (d) When thirty workers enter the labor for after graduation from school what kind of unemployment will this generate? (e) What is the distinction between microeconomics and macroeconomics (f) What is full employment? (g) What is natural rate of unemployment? (h) What is the proper order for the business cycle? (i) The inflation rate is the percentage change in the price level from one year to the next.
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Unformatted text preview: In terms of formula, the inflation rate is: (CPI this year) – (CPI last year) x 100 (CPI last year) At the end of last year, the CPI was equaled 120. At the end of this year the CPI equals 132. What is the inflation rate over this year? (i) What are the factors that make it difficult to use GDP as a measure of economic welfare? (j) What is the labor force of a country? (k) What is a discouraged worker? (l) Unemployment can be classified into 3, what are they? (m) What is real GDP? Use the Table for the next two questions Year Nominal GDP Real GDP GDP Deflator 2001 $4500 ……. . 150 2002 ……. $3,100 156 (n) what is the real GDP in 2001? (o) What is the nominal GDP in 2002?...
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