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2

Economics Aug 07, 2020

2. The information in the following table is for the economy of Tibor: Working-age population Number of people in full-time employment Number of people in part-time employment Number of people unemployed Number of discouraged workers CPI 60.0 39.5 6.1 2.4 1.6 112.5 a) What is the unemployment rate? b) What is the participation rate? c) How much inflation has occurred since the base year?

Expert Solution

Discouraged worker is unemployed but has not seeked employment in last 4 weeks

So here,

Unemloyment Rate = (2.4) / 60 *100 = 4%

PArticipation Rate = (39.5 + 6.1 + 2.4) /60 *100 = 80%

Infaltion since base year = (112.5 -100)/100 = 12.5% (since base year CPI is 100)

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