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Please find below exercises for week 4. You can also ask questions and discuss your solutions with peers here 1. What sorts of policies can governments implement to encourage convergence? 2. Assuming the total population is 100 million, the civilian labor force is 50 million, and 47 million workers are employed, the unemployment rate is 3. What is the difference between the price level and the rate of inflation? 4. Edna is living in a retirement home where most of her needs are taken care of, but she has some discretionary spending. Based on the basket of goods given below, by what percentage does Edna's cost of living increase between time 1 and time 2? Items Gifts for grandchildren Pizza delivery Blouses Vacation trips Quantity Time one Price Time two price 12 24 6 $50 $15 $60 $400 $60 $16 $50 $420

Explanation / Answer

1)TO ENCOURGE THE CONVERGENCE ,DEVELOPING COUNTRIES SHOULD ENACT REFORMS THAT RAPIDLY SPUR GROWTH ,PRIVATE PROPERTY AND TRANSITION FROM AGRICULTURE TO INDUSTRY.DEVELOPING NATION CAN HELP BY ENCOURAGING PEACEFUL,NON CURROUPT INSTITUTIONS IN OTHER NATION THAT CAN BE FASTER GROWTH.

2)GIVEN TOTAL POPULATION=100MILLION

CIVILIAN LABOR FORCE=50 MILLION

EMPLOYED WORKERS=47 MILLION

LABOR FORCE=EMPLOYED PEOPLE+UNEMPLOYED PEOPLE

50 MILLION=47MILLION+UNEMPLOYED PEOPLE

UNEMPLOYED PEOPLE=50-47MILLION=3MILLION

UNEMPLOYMENT RATE=UNEMPLOYED PEOPLE÷LABOR FORCE ×100

=3MILLION÷50MILLION×100

=6%

3)THE PRICE LEVEL IS A MEASURE OF THE AVERAGE PEICE IN AN ECONOMY AND IS MEASURED AT A POINT IN TIME.THE RATE OF INFLATION IS TGE OF CHANGE OF PRICE LEVEL OVER TIME.STRICTLY ITS MEANS,ECONOMISTS DEFINE INFLATION AS A CONTINUED INCREASE IN THE PRICE LEVEL AS OPPOSED TO A ONE TIME PRICE LEVEL ADJUSTMENT.

4)ITEMS QUANTITY TIME ONE TOTAL PRICE1 QUANTITY TIME TWO TOTAL PRICE2

GIFTS 12 $50 $600 12 $60 $720

PIZZA 24 $15 $360 24 $16 $384

DELIVERY

BLOUSES 6 $60 $360 6 $50 $300

VACTION 2 $400 $800 2 $420 $820

TOTAL PRICE $2120 $2244

COST OF LIVING=TIME 2÷TIME1 ×100

=2244÷2120×100=105.849

CHANGE IN PERCENTAGE=105.849-100=5.849%

TRIPS

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