1.Consider the country called the "Republic of Uzunyan". In this country, we have the following information:

Number of people 16 and over: 1,500,000

Number of people in institutions like prison: 300,000

Number of people in the military: 61,800

Number of people working: 630,000

Number of people unemployed: 70,000

What is the labor force participation rate in this country?

Group of answer choices

10%

46.7%

53%

61.6%

Not enough information

2.Suppose a person named Rosa borrows $100,000 in 2020 which she needs to pay back to the "Bank of Perez" in a year. The nominal interest rate is 75% while the inflation rate is 25%. How much will Rosa need to pay back in 2021?

Group of answer choices

$100,000

$120,000

$135,000

$150,000

$175,000

3.From the previous problem, consider how much Rosa must pay back in 2021 to the Bank of Perez. In terms of purchasing power, how does Rosa's payment in 2021 compare with the original loan amount in 2020?

Group of answer choices

Rosa's payment in 2021 is higher in purchasing power compared with the original loan amount in 2020

Rosa's payment in 2021 is lower in purchasing power compared with the original loan amount in 2020

Rosa's payment in 2021 is the same in purchasing power compared with the original loan amount in 2020

It unclear which has the higher purchasing power

None of the above

4.If a country experiences very high inflation, the country's currency will no longer function as a unit of account nor medium of exchange. But it will still function as a store of value.

Group of answer choices

True

False

5.Consider the following information:

Price Quantity domestically supplied Quantity domestically demanded

$50 1,000 0

$45 900 100

$40 800 200

$35 700 300

$30 600 400

$25 500 500

$20 400 600

$15 300 700

$10 200 800

$5 100 900

$0 0 1,000

If the world price is $5, what is the total surplus from allowing trade and having no tariff?

Group of answer choices

$11,250

$17,000

$20,500

$51,250

Not enough information