for these questions:
6:49 PM Wed Aug 12 @ 17% Macroeconomics Spring 2020 10% Assignment Home Insert Draw Layout Review View Q Calibri 11 B I U A.. A A All calculations should be rounded off to one decimal place. 1) Given the following information for a country: Total Population: 45,000,000 Labour Force Population: 38,000,000 Not in the Labour Force: 7,000,000 Labour Force: 31,000,000 Employed:_ Unemployed: 4,000,000 a) How many people are in the Employed category? (2 mark) work. b) Calculate the Unemployment Rate. Show calculations. (2 mark) Show ) Calculate the Labour Force Participation Rate (2 mark) Show work. 2) Calculate the inflation rate experienced in 2014 and 2015 given the CPI for each year below: (2 marks each) Show work. Year CPI (as of December Inflation rate (%) 2013 31 of the year) 124.5 Not applicable for 2013 2014 2015 125.2 1275 3) Calculate the nominal GDP and real GDP for the years shown. Assume that the economy only produces one product (microchips). The base year is 2016. Current price refers to the price obtained for each microchip in the year produced. (1 mark each blank) Year Production output Current of computer Total value of Total value microchips prices output at current prices of output at 2016 prices (Nominal GDP) $ (Real GDP) 2016 1,000 $0.20 200 2017 2,000 $0.30 2018 2,500 $0.406:49 PM Wed Aug 12 @ 17% Macroeconomics Spring 2020 10% Assignment Home Insert Draw Layout Review View Q Calibri 11 B I U A.. A = A 4) Assume the CPI (Consumer Price Index) basket of goods and services was 104.7 in 2004, and 125.2 in 2014. a) By what percentage did prices rise over the period from 2004 to 2014? Answer (to one decimal place) % (2 marks) b) Jan's wage at ABC Innovation was $60,000 in 2004 and had increased to $70,00 by 2014. What was Jan's "real" wage in 2014 relative to what she was earning in 2004 after adjusting for inflation? (2 marks) 5) Identify which unemployment condition (seasonal, structural, cyclical, mark each) rictional) best describes the situation of each of the following individuals. (1 a) a wristwatch repairman that was laid off as most people use their cel phone to check the time and few people are buying watches worthwhile epairing. unemployment b) a farm worker who is unemployed during the winter months. unemployment c) a digital artist who lost her job with an advertising company during a recession in the economy. unemployment d) a marketing manager who quit her job to look for another similar marketing job which provides a higher salary and more benefits. unemployment 6) Using the Bank of Canada Inflation Calculator at the site shown below, calculate what would be the value in 2018 of a house in Toronto that cost $15,000 in 1964. Assume that over those years the house increased in value each year at the rate of inflation. (2 marks) Note: Instructions on how to use the Inflation Calculator are provided at the site Value in 1964: $ 15,000 Value in 2018: $ Bank of Canada site - https://www.bankofcanada.ca/rates/related/inflation- calculator TOTAL: 26 marks
