Question 1 In July 2017, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labour force. During August 2017, 80 people lost their jobs and didn't look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labour force, and 40 people entered the labour force to look for work. Calculate for July 2017

a.The unemployment rate

b.The employment rate

And calculate for the end of August 2017,c.The number of people unemployed, the number employed, and the unemployment rate

Question 2 The IMF forecasted Canada's real GDP at $1,830 billion in 2017 and $1,866 billion in 2018, and Canada's population at 36.7 million in 2017 and 37.1 million in 2018. Calculate:

a.The growth rate of real GDP.

b. The growth rate of real GDP per person.

c. The approximate number of years it takes for real GDP per person in Canada to double if the 2018 growth rate of real GDP and the population growth rate are maintained.