1. Unemployment: a. Define Unemployment b. What is the difference between being out of the labor force and being unemployed? c. What are the 4 types of unemployment? d. What is the formula for the unemployment rate? e. What is the natural rate of unemployment? f. How is the labor force participation rate calculated? g. Why is unemployment problematic as a measure of economic health? 2. For each of the following scenario, identify if the person is Employed, Unemployed or Neither. If they are unemployed, identify the type of unemployment. a. Elizabeth Lloyd lost her job at the Western Beverage Company. The week before leaving, she worked 40 hours as a sales manager. Employed, Unemployed or Neither: Type: b. Linda Coleman is a homemaker. Last week, she was occupied with her normal household chores. She neither held a job nor looked for a job. Her 80-year-old father who lives with her has not worked or looked for work because of a disability. Employed, Unemployed or Neither: Type: c. Joan Howard has filed applications with three companies for her summer off of school. However, it is only April. Employed, Unemployed or Neither: Type: 3. Inflation: a. Why does $100 in the future not have the same value as $100 today? b. Identify the most commonly cited measure of inflation in the United States and explain how it is calculated. c. What is the formula used to calculate the annual rate of inflation