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What is the answer to questions 1 to 3 (with detailed explanation) SCENARIO #2 Since 1 year ago, the Philippines (SE Asian country) has experienced

What is the answer to questions 1 to 3 (with detailed explanation)

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SCENARIO #2 Since 1 year ago, the Philippines (SE Asian country) has experienced the following: . Decrease in GDP by 8.3% . Increase in inflation by 4.5% Also, the current unemployment rate of the Philippines is 8.7%. Answer the following questions related to real-life scenario #2 1. Be able to explain how the inflation statistic (CPI) is calculated. 2. Be able to explain 3 reasons (that we studied in class) why this unemployment rate statistic may not be completely accurate. 3. Identify and explain whether or not the situation is demonstrating cost-push or demand-pull inflation

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