Macroeconomic information for an economy is given below. (a) How much productive did labor become from Year 1 to Year 2? (b) What was the inflation rate between Year 1 and Year 2? (c) What was the unemployment rate in Year 1? In Year 2? Please show your work. Year 1 Year 2 9000 800 100 900 $9 Output (pizzas) Employment (workers) Unemployed (workers) Labor force (workers) Price per pizza 8000 700 70 770 $8.00

Macroeconomic information for an economy is given below. (a) How much productive did labor become from Year 1 to Year 2? (b) What was the inflation rate between Year 1 and Year 2? (c) What was the unemployment rate in Year 1? In Year 2? Please show your work. Year 1 Year 2 9000 800 100 900 $9 Output (pizzas) Employment (workers) Unemployed (workers) Labor force (workers) Price per pizza 8000 700 70 770 $8.00

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Unemployment And Inflation

Section: Chapter Questions

Problem 3.7P

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