1.You hear on the news that the CPI went from 300 to 310, in one year what is the rate of inflation? Is this a high or low annual inflation rate? Please show your work 2. What would you tell a friend who reports the following 2010 2020 Nominal pay. $20/hour $25/hour CPI 100 200 3. If you find data for a country as follows, what is the official unemployment rate? How does this compare with the current US unemployment rate? Please show your calculation. Institutionalized population 2,000,000; Homemakers 20,000,000 Actively seeking a job 6,000,000; Working part time 20,000,000; Working full time 34,000,000; Students 3,000,000; Retired 2,000,000 4. A commentator on TV says that the official unemployment rate doesn't fully measure all those who are unemployed? Is she correct? Why? 5. If a country has an unemployment rate of 4% and inflation at 8%, how is that country doing? Why? 6. Describe a time in US history when cyclical unemployment was very low. Estimate how high or low it was, explaining your estimate