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3 4 Principles of Economics Aurora University 2 g Due before class on 3/25/2024 Directions: (50 points) Each of these questions relates to material discussed in class or the reading. Answer each question completely, show your work, and turn in the assignment at the start of class stapled together, with your name and section on it. 1. Unemployment. Suppose there are 90,000 people in Macrotopia who are 16+ years of age and not in an institution. Of them, there are 75,000 who are in the Labor Force. Of the Labor Force, 6,000 are without a job but actively seeking work. Calculate the labor force participation rate and the unemployment rate. Given your calculations, if the natural rate of unemployment is 5% what types of unemployment are present? . Inflation. Use the following data to answer the questions below. Y3t Price of bread R i. What is the annual rate of inflation? ii. What is the real price of bread each year? iii. What is the real wage in each year? . Aggregate Supply and Aggregate Demand. U Depict in the AD-AS model, an economy exhibiting a short run equilibrium with a positive output gap resulting from an increase in AD caused by increased investment spending. i. What is true about the level of unemployment in this circumstance? ii. What is true about the utilization of capital in this circumstance? . Aggregate Supply apd Aggregate Demand. Given an initial long run equilibrium, depict in the AD-AS model the impact of decreased consumer confidence. Be sure to label carefully. FO ) T type of output gap results from the change? g What is true about the level of unemployment in this circumstance? iii. What are the implications for the price level