Assignment II-Due: Thursday, 10/28,
Suppose the working-age population of Macronesia is 100,000 people. Of these100,000 people, 20,000 are attending school,16,000 have given up looking for a job; 4,000 are not working but are actively seeking work; 14,000 work part time and the remainder have full-time jobs. What is the unemployment rate in Macronesia?
In Macronesia, the price index is based upon a market basket consisting of 10 apples; 2 pizzas, and 5 ice cream cones. The prices for these three items for 2004 (the base year) and 2005 are as follows:
Year Price of apples Price of pizzas Price of ice cream
2004 $.5 $4 $1.00
2005 .55 3.85 1.20
Calculate the price index for 2005.
Test yourself problem 6.4 (page 123)
Discussion Question 8.8 (p. 162)
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