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1. Mention and briefly explain what the macroeconomic results or objectives consist of. 2. Mention and briefly explain what the macroeconomic instruments (Policy variables) consist of. 3. What do you understand by exports, imports and net exports. WW
4. For year 1 the labor force was 2,000,000 people. Of these, 1,900,000 people were employed, By year 2 the labor force increased by 5% over the previous year and 1,950,000 people were employed, (Calculate the unemployment rate for these two years) 5. The Consumer Price Index (CPI) for year 1 was 320.3 and for year 2 it was 310.1. Determine the rate of inflation (deflation).
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4) Labor force = 2,000,000
Employed people = 1,900,000
Unmployed rate = [(Labor Force - Employed people) / Labor force] * 100 = [(2,000,000 - 1,900,000) / 2,000,000] * 100 = 5%
Labor force in year 2 = 2,000,000 * 1.05 = 2,100,000
Employed people = 1,950,000
Unemployed rate = [(Labor Force - Employed people) / Labor force] * 100 = [(2,100,000 - 1,950,000) / 2,100,000] * 100 = 7.14%
5) CPI in year 1 = 320.3
CPI in year 2 = 310.1
Rate of Inflation = [(320.3 - 310.1) / 320.3] * 100 = -3.18%
Thus, there is deflation from year 1 to year 2.
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