Problem of the Day
#1: The Bureau of Labor Statistics announced that in February 2008, of all adult Americans, 145,993,000 were employed, 7,381,000 were unemployed, and 79,436, 000 were not in the labor force. Use this information to calculate the:
Adult population
Labor force
Labor-force participation rate
Unemployment rate
#2: Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $100. In 2009, they buy 75 heads of cauliflower for $225, 80 bunches of broccoli for $120, and 500 carrots $100.
Calculate the price of each vegetable in each year.
Using 2008 as the base year, calculate the CPI for each year.
What is the inflation rate in 2009?