Below is the worksheet. It consists of 6 questions in total. Read them carefully, as some require to show work.
Worksheet 3- Unemployment and Inflation Name: Claudia Pena
Directions:
Go to the CIA Fact Book,
https://www.cia.gov/the-world-factbook/
and look up the country
Austrailia
1. What is the current unemployment rate in your country? _____________%
2. What is the size of the labor force? __________________________
3. You can ‘solve’ for the number of people who are unemployed using High School math. Since the Unemployment Rate = (Number Unemployed/Labor Force), you can plug the unemployment rate (written as a decimal) and Labor Force and solve for the number of people who are unemployed.
Show your work below
. # Unemployed = _____________________
4. Calculate the Labor Force Participation Rate by dividing the Labor Force by the Total Population.
Show your work below
. Labor Force Participation Rate= ___________%
5. Look up the Inflation Rate. Inflation rate is __________%
6. Suppose a loaf of bread cost $1 today. How much would you expect the bread to cost next year, with the inflation rate given in your previous answer.
Show your work
. Cost=$___________
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