1.With the data below for an economy last year, determine the economy's official unemployment rate. Clearly show your steps and calculations.

Total population = 302.53 million.

Population under 16 years old and or institutionalized = 65.25 million.

Retirees and stay-at-home parents = 12.75 million.

Unemployed full-time college students = 78.15 million.

Part-time workers looking for full-time jobs = 25.86 million.

Unemployed workers who are actively seeking jobs = 9.72million.

Unemployed workers who are discouraged from actively seeking jobs = 6.58 million.

Employed workers in the underground economy = 2.15 million.

2.Discuss the impact of (a) cost-push inflation and (b) demand-pull inflation on an economy's real output and employment.