In June 2001, the LFS data measured 5000 economically inactive people, 1000 unemployed people and 10000 employed people in Hawaii Island. During July 2001 80 people lost jobs and did not get new job, 20 people quite job and retired, 150 unemployed people hired, 50 people quit the workforce and economically inactive, and 40 people entire the workforce for job. Answer the following:

a) Calculate the employed people

b) Calculate the unemployed people

c) calculate the unemployment rate at end of July 2001

GDP is a useful indicator of both short term and long term economic growth. Amartya sen at Harvard helped create UN Human development Index (HDI) that indicates health and education data with per capita GDP which provides a better measure of wealth of nation. However, Josepeh Stiglitz introduced 'green net national product' that takes natural resource depletion into account.

Explain the factors that the above passage identifies as limiting the usefulness of GDP as a measuare of economic welfare.

What is real wage rigidity? How does it create structural unemployment in the economy?