1. A labor force survey in Econland records the following data:

Employed: 189,000

Unemployed: 15,000

Not in the labor force: 84,000

a) Calculate the unemployment rate. (show your calculation) (2 points)

b) Calculate the size of the labor force. (show your calculation) (2 points) (answer how

many people are in the labor force, do not calculate the labor force participation rate)

2. Use the table below to answer the following questions: The information in the table is the economic data for Sandy Island in 2021. Billions of Item Dollars Personal consumption 900 expenditure Government expenditure on 300 goods and services Net indirect taxes 350 Investment expenditure 200 Exports of goods and services 300 Imports of goods and services 500 Depreciation 100 a. Using the information in the table above, calculate the value of GDP for Sandy Island in 2021 (Show your calculation). (2 points) b. Calculate the value of net exports (Show your calculation). (2 points)