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 $1 today. How much would you expect the bread to cost next year, with the inflation rate given in your previous answer. Show your work . Cost=$___________