The following table shows a few aggregate variables for Canada for 2017 and 2018. Year Population Employed Unemployed 2017 29,791 18,301 1,307 129 CPI Real GDP 2,031,532 GDP, in million current dollars 2,178,432 Interest rate 1.75% Use the data in the table to determine the following: 1. The unemployment rate in 2017 Answer: 2018 30,154 18,591 1,149 132 2. the labor force participation rate in 2017 Answer: 4. The unemployment rate in 2018 Answer: 2,063,439 2,223,144 1.75% 3. The inflation rate as measured by the implicit price deflator. Answer: 5. The labor force participation rate in 2018 Answer: 6. The inflation rate as measured by the CPI Answer: 7. Did the relative price of consumer goods in Canada increase, decrease or stay the same relative to the price of other elements of GDP (government purchases, investment and exports)? Would you say the labor market is improving or getting worse? Refer to specific statistics in the table and those you have calculated. Answer:

Section 3: Inflation and Unemployment The labour market Fill in the missing data in the table illustrating some labor market data for New-England Explain how the missing data was received. Data Type Working age population (x 1 000) Inactive population (x 1000) Active population (x 1 000) Employed (x 1 000) Unemployed (x 1 000) Unemployment rate (%) Activity rate (%) Employment rate (%) T1 2013 28476.9           66.6 61.8 T2 2013 28566.1         7.1 66.5   T3 2013 28667.9 9616.8 19051.1 17698.8 1352.3 7.1 66.5 61.7 T4 2013 28757.7 9681.9 19075.8 17735.3 1340.6 7 66.3 61.7 T1 2014   9737   17748.3       61.5 T2 2014 28912 9812.2 19099.8 17762 1337.7 7 66.1 61.4 T3 2014 29001.8 9868.1 19133.7 17791.7 1342 7 66 61.3 T4 2014 29073.7       1290.9 6.7     T1 2015 29138.7 9983 19155.7 17873.1 1282.5 6.7 65.7…

Question 3 The table below gives some labor statistics (from the Bureau of Labor Statistics) for years 1995, 2000 and 2005. Use these data to answer the following questions. Express your answers in percentage terms to two places past the decimal. Variable 1995 2000 2005 Population 26,000,000 27,000,000 28,000,000 Adult population 18,000,000 19,000,000 20,500,000 Adult population able to work 17,900,000 18,800,000 20,000,000 Adult population able and wanting to work 15,700,000 16,500,000 18,000,000 Number employed 14,000,000 14,500,000 15,000,000 Number unemployed 1,000,000 1,500,000 2,500,000 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.

Household Employment Data (Numbers in billions)   Working age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Source:  https://www.bls.gov/news.release/empsit.t01.htm   Let’s calculate labor force participation and the unemployment rate for October 2019.     X 100       Labor Force Participation Rate =     People in the Labor Force       Total Working Age Population X 100     = 164.4      259.8   = 0.6327 X 100   = 63.3%     X 100   Unemployment Rate = Unemployed People X 100                                                                  Total Labor Force                                                             =   5.8                                                                   164.4                                                                        = 0.0353 X…