Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent.In each of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and justify your answer. The price of imported capital goods used in the production of sugar has increased.The price of Tapal tea has increased. Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent.

In each of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and justify your answer.

The price of imported capital goods used in the production of sugar has increased.
The price of Tapal tea has increased.

Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.

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