1. Here are some macroeconomic data for Canada for the years 2019 and 2020.

2019 Output (constant dollar GDP)

Employment Unemployed

$527 billion 2020

$500 billion 23.1 million workers 22.4 million workers 1.4 million workers 2.2 million workers Total labor force Consumer Price Index 24.5 million workers 24.6 million workers 106.73 108.33 Canada’s output is real GDP measured in constant Canadian dollars. Data are from the Federal Reserve Bank of St. Louis FRED database. Calculate each of the following macroeconomic variables for Canada, being sure to give units.

a. Average labor productivity in 2019 and 2020.

b. The growth rate of average labor productivity between 2019 and 2020.

c. The unemployment rate in 2019 and 2020.

d. The inflation rate between 2019 and 2020.