A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Price Price Quantity (Dollars) Quantity (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is Y . (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is Y . (Note: Again, use 2020 as the base year.) Which of the following statements is correct? Check all that apply. The CPI allows the basket of goods and services to change. The inflation rate in 2021 is not the same using the two methods. The GDP deflator holds the basket of goods and services constant. A dozen eggs cost $1.03 in December 1980 and $1.60 in December 2018. The average wage for workers in private industries was $7.13 per hour in December 1980 and $23.09 in December 2018. By what percentage did the price of a dozen eggs rise? 36 % 5 5 % 5 7 % By what percentage did the wage rise? 3 2 % 6 2 % 224% In order to earn enough to buy a dozen eggs, a worker had to work V minutes in December 1980 and V minutes in December 2018. (Note: Select the answers closest to the values you compute.) Workers' purchasing power in terms of eggs V between 1980 and 2018. In 2013, the Bureau of Labor Statistics (BLS) announced that of all adult Americans, 143,929,000 were employed, 11,460,000 were unemployed, and 90,290,000 were not in the labor force. What is the adult population? 245,679,000 143,929,000 155,389,000 11,460,000 The size of the labor force is V , and the labor force participation rate is V . What is the unemployment rate? 4.7% 8.0% 7.4% 58.1%