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1) An Economy Has The Following Labour Market Statistics

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2 MARKS

Total population of

1.
a)
Labor force=employed+ unemployed
=8+2+1
=11
b)
Unemployment rate=unemployed/labor force
=1/11*100
=9.09%
2.
a)
Nominal GDP= (1.5m*2000)+(1.5m*10000)
=$18000m
b)
Real…Economics