A nation\'s frictional unemployment rate is 1 percent. Its cyclical rate of unem

Question

A nation's frictional unemployment rate is 1 percent. Its cyclical rate of unemployment is 3 percent, and its structural unemployment rate is 4 percent. What is this nation's overall rate of unemployment? (See pages 150-155.) In 2014, the cost of a market basket of goods was $2,000. In 2016, the cost of the same market basket of goods was $2,100. Use the price index formula to calculate the price index for 2016 if 2014 is the base year. (See pages 157-158.) Suppose that in 2015, a typical U.S. student attending a state-supported college bought 10 textbooks at a price of $100 per book and enrolled in 25 credit hours of coursework at a price of $360 per credit hour. In 2016, the typical student continued to purchase 10 textbooks and enroll in 25 credit hours, but the price of a textbook rose to $110 per book, and the tuition price increased to $400 per credit hour. The base year for computing a "student price index" using this information is 2015. What is the value of the student price index in 2015? In 2016? Show your work. (See pages 157-158.) Between 2015 and 2016 in a particular nation, the value of the consumer price index-for which the base year is 2012-rose by 9.091 percent, to a value of 120 in 2016. What was the value of the price index in 2015? (See pages 157-158.)

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7)

Total unemployment rate = Frictional + Cyclical + Structural = 1% + 3% + 4% = 8%.

So, overall unemployment rate is 8%.

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