(g) Did the relative price of consumer goods in Canada increase, decrease or stay the same...

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(g) Did the relative price of consumer goods in Canada increase, decrease or stay the same relative to the price of other ele

Year 2017 2018 Population 29,791 30,154 Employed 18,301 18,591 Unemployed 1,307 1,149 CPI 129 132 Real GDP 2,031,532 2,063,43

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Answer 1

Answer #1

Unemployment rate = (Total Unemployed/Labor Force) × 100

Labor Force = Total Employed + Total Unemployed

Labor Force Participation Rate = (Labor Force/Total Population) × 100

Deflator = (Nominal GDP/Real GDP) × 100

Inflation Rate = [(CPI of Current Year – CPI of Previous Year)/CPI of Previous Year] × 100

We have the following information

Year	2017	2018
Population	29,791	30,154
Employed	18,301	18,591
Unemployed	1,307	1,149
CPI	129	132
Real GDP	2,031,532	2,063,439
GDP, in million current dollars (Nominal GDP)	2,178,432	2,223,144
Interest Rate	1.75%	1.75%

	2017	2018
Unemployment Rate	6.7%	5.8%
Labor Force Participation Rate	65.8%	65.5%
Deflator	107.2	107.7
Inflation Rate	--	2.3%

From the above one can say that labor market is improving as the unemployment rate has declined by 0.9 percentage points during the period of 2017 to 2018. Since, inflation rate has been positive so one can say that price level has increased in the economy during the period of 2017 to 2018.

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Answer 2

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(g) Did the relative price of consumer goods in Canada increase, decrease or stay the same...

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