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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
Answer 1 : Unemployment rate =Number of person unemployed / Number of person unemployed + Number of person employed = (2.4/ 39.5+6.1+2.4)*100 =5%
Answer : Labor participation rate = ( labor force / working age population)*100 = (48/60)*100 =80%
Answer ,: Inflation since base year =((CPI (Current year)-CPI of base year))/CPI of current year =(112.5-100)/100 =12.5?
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