. Consider an economy with 71.5 million employed adults, 6.9 million unemployed adults, and 34.8 million adults not participating in the labor force. (a) 'What is the economy's unemployment. rate? (2.5 points) (in) 'What is the economy's labor force participation rate? [2.5 points) . Consider a closed classical economy,r and suppose a decline in housing prices causes a. decrease in consumption. What will happen to the followmg? Please provide a. brief explanation of your answer. (a) Real output (3 points) (b) Consumption (3 points} (c) National saving [3 points) [{1} l [e Heal interest rate {3 points) Investment [3 points) . Consider a closed classical economy where the government increases taxes by $1,000. If the marginal propensity to consume (MPG) is 0.7, describe what happens to the following. Please be sure to indicate the magnitude of any change. (a) Consumption (5 points} (b) Private saving (5 points] 3 l (c Public saving (5 points} (d Investment (5 points)