Use the information provided below to complete the questions. Suppose that data below corresponds to the small nation of Collegeville with a population of 3,200 people. Of the 3,200 residents 689 are under 16 years of age, and 349 are institutionalized adults. Of the remaining residents, 451 are without jobs and have given up searching for a job, 240 do not have a job, but are actively seeking work, 351 work part time, and the rest work full time. Over the years, the natural rate of unemployment has been found to be 8%. In 2018 the Cost of the Market Basket was $2,340.00. In 2019 the Cost of the Market Basket was $2,855.00. In 2020 the Cost of the Market Basket was $3,230.00.  

   

Background Information

https://docs.google.com/document/d/1bSZwkknsOMXqznO32kQOHzkfQyz7WDWXU9MDIf_C_YM/edit?usp=sharing

https://docs.google.com/document/d/1moOh-GShlzkbRQ1rECTl9b3QYNhu3z-F7Od680FR5IE/edit?usp=sharing

https://docs.google.com/document/d/1kiTQqNv4S8aXW-uJmO-5P8AyHEqafjNWtBH2zThbk3Q/edit?usp=sharing

 

(Table 1) National Income Accounting latest year data for Collegeville Consumption of Durable Goods $800,000 Consumption of Nondurable Goods $650,000 $565,000 $1,150,000 $200,000 $120,000 $600,000 $60,500 $300,000 $1,200,000 $300,000 $70,000 Compensation of Employees Consumption of Services Fixed Residential Investment Corporate Profits Fixed Nonresidential Investment Consumption of Fixed Capital Change in Inventories Government Purchases of Goods and Services Exports Imports