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3. Suppose macroeconomic information for Australia is given below.


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(a) Calculate average labor productivity in Year 1 and Year 2.

(b) Calculate the growth rate of average labor productivity between Year 1 and Year 2. Note: average labor productivity is output per employed workers.

(c) Calculate the unemployment rate in Year 1 and Year 2.

(d) Calculate the inflation rate between Year 1 and Year 2.

Screen Shot 2019-08-07 at 7.53.13 am.png

Year 1
Year 2
Output
8000
9000
Employment (workers)
700
800
Unemployed (workers
70
100
Labor force (workers)
770
900
Price
9

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