1 Here are some macroeconomic data for the country of Oz for the years 2005 and 2006....

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1 Here are some macroeconomic data for the country of Oz for the years 2005 and 2006. Output Employment Unemployed Total labor force Prices 2005 12,000 tons of potatoes 1,000 workers 100 workers 1,100 workers 2 shekels/ton 2006 14,300 tons of potatoes 1,100 workers 50 workers 1,150 workers 2.5 shekels/ton of potatoes of potatoes As the data suggest, Oz produces only potatoes, and its monetary tmit is the shekel. Calculate each of the following macroeconomic variables for Oz, being sure to give units.

a. Average labor productivity in 2005 and 2006.

b. The growth rate of average labor productivity between 2005 and 2006.

c. The unemployment rate in 2005 and 2006.

d. The inflation rate between 2005 and 2006.

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Macroeconomics

ISBN: 126148

6th Edition

Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore

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