1. The Consumer Price Index (CPI) is an index that measures changes in the average prices for consumer goods and services. Explain why CPI is not a perfect measure of inflation.
2. Suppose the Australian Bureau of Statistics in 2021 reported as follows:

• The Armed forces, children below 15 years, the disabled and retired population were 12.2 million of the Australian population
• Total population: 26.6 million
• Adult Australians employed: 13.6 million

Based on this information, answer the questions below

i. Calculate Australia's labour force in 2021 (2 marks)

ii. Calculate Australia's unemployment rate in 2021