Rahul, the chief economist of the IMF, has been specially requested by

the President of Wakanda to assist in enhancing the country's macroeconomic

conditions. Wakanda, a small economy, has a youthful demographic with $30\%$ of

its population under the age of $15.$ The nation has a comparative advantage in pizza

and wine production. In response to the President's request, Rahul examines

Wakanda's macroeconomic data provided in Table$-1.$

Table $1$: Macroeconomic information of Wakanda$$s economy

Year $2020$ Year $2021$

Pizzas $($units$)800750$

Wine $($units$)100120$

Employed $($workers$)700800$

Unemployed $($workers$)70100$

Population $10001100$

Price per pizza $$8\mathrm{.}00$ $$10\mathrm{.}00$

Price per litre of wine $$10\mathrm{.}00$ $$12\mathrm{.}00$

Calculate the following to give a complete picture of Wakanda$$s macroeconomic situation

$(1$a$)(2$marks$)$ What is the Consumer Price Index$($CPI$)$ in Wakanda for year $2020$ and year

$2021,$ if the basket contains $300$ units of Pizzas and $50$ units of Wine?

$(1$b$)(1$ marks$)$ How much have the prices risen between year $2020$ and year $2021?$

$(1$c$)(3$ marks$)$What was the Labor$-$ force participation rate in Year $2020?$ In Year $2021?$

$(1$d$)(4$marks$)$Calculate Nominal and Real GDP$($base year $2020)$ for both the years.