1.Suppose that you are given the following information. Answer the following questions:

Labor force 200 million

Adults in the military 1 million

Population below 16. 50 million

Employed adults. 180 million

Institutionalized adults. 3 million

Not in the labor force. 40million

a.What is the total population? 1 pt.(Show your work)

b.How many people are unemployed, and what is the unemployment rate? 2 pts.

c.What is the labor force participation rate? 1 pt.

2.In 2016, the cost of a market basket of goods was $2,000. In 2018, the cost of the same market basket of goods was $2,100. Use the price index formula to calculate the price index for 2018 if 2016 is the base year. Show your work. 2 pts

3.Consider the following price indexes: 2 pts

2018 Consumer Price index:251.1072019 Consumer price Index: 255.651

a.Which year is likely the base year?

b.What is the inflation rate from 2018 to 2019?

4.The real interest rate is 3 percent, and the nominal interest rate is 5 percent. What is the anticipated rate of inflation? 1 pt.

5.A nation's frictional unemployment rate is 1%. Its cyclical rate of unemployment is 9.7%, and its structural unemployment rate is 4 %. What is this nation's overall rate of unemployment? 1 pt.