16. Use the following data to answer question #16. Year Consumer Price Index 1 100 2 105 3 115 Calculate the rate of inflation for Year 3. Show work. 17. Suppose you place $10,000 in a retirement fund that earns a nominal interest rate of 8 percent. If you expect inflation rate to be 3 percent or lower, then calculate the real interest rate you are expecting to earn. Show work. 18. Which prices are not included when using core inflation? 19. Name any one country that has recently experienced hyperinflation and briefly explain why you selected that country. 20. What is the main principle of Say's Law? 21. According to Classical Economists, briefly explain why long term unemployment is impossible. 22. According to Classical Economists, if the economy is experiencing a recessionary gap where the economy is too small to create full employment, what adjustments would take place in the market to bring the economy to full employment? 23. According to Classical Economists, if the country is experiencing a recessionary or inflationary gap, what role should the government take to solve these economic problems? 24. According to Classical Economists, which part of the marketplace is the key, the focus and the source of the solutions to solving economic problems? 25. What is the annual inflation rate for the 12 months ending in January 2021