Suppose 500 people were surveyed, and of those 500, 450 were working full time. Of the 50 not working, 10 were full-time college students, 18 were retired, 5 were under 16 years of age, 7 had stopped looking for work because they believed there were no jobs for them, and 10 were actively looking for work.
a. How many of the 500 surveyed are in the labor force?
b. What is the unemployment rate among the 500 surveyed people?
13. Consider the following price information: Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00
a. Based on the information given, what was the inflation rate between year 1 and year 2?
b. What happened to the price of coffee relative to that of milk between year 1 and year 2?
