Explain how our standard of living depends upon our level of real GDP per person but there might not be a one-to-one relationship between the standard of living and real GDP per person.

Directions:
The problem set answers should only contain answers. Do not retype the questions.
Answers for the problem set have to be typed using 12 point black font and double spaced.
All answers are to be black font, typed, including any calculations.
Answers should be given in a paragraph form that provides a thorough explanation. A one sentence answer is not adequate. Even in the case of calculations, they should be explained.
The problem set answers should be considered a formal paper and should be treated as such. Failure to follow the directions can result in a reduction of points.
Questions:
1. You are given the following information about an economy:
Labor force: 236 million
Not in the labor force: 33 million
Employed: 175 million
Answer the following questions to one decimal point:
What is the unemployment rate?
What is the relevant population (working age population)?
What is the labor force participation rate?
Explain how our standard of living depends upon our level of real GDP per person but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one but not the other.
Explain what policies can a government undertake to achieve faster economic growth?

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