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(Critical Thinking – Answer must contain 2+ sentences and the graph for full credit)    We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you describe how this would look graphically?

Calculate the unemployment rate and the labor force participation rate in the following cases: (round answers to one place after the decimal)   a) Employed: 100 million. Population: 200 million. In labor force: 110 million.  Unemployment rate: [ans1]%. Labor force participation rate: [ans2]%.   b) Unemployed: 10 million. Population: 200 million. Employed: 90 million.  Unemployment rate: [ans3]%. Labor force participation rate: [ans4]%.   c) In labor force: 30 million. Population: 80 million. Unemployed: 3 million.  Unemployment rate: [ans5]%. Labor force participation rate: [ans6]%.

Table: Consumer Price Index   Refer to the CPI values in the table for the years 2005 to 2010. What was the approximate inflation rate over the period 2009 to 2010?

Table: Employment, Unemployment, and Labor Force Participation   What was the unemployment rate of the country in 2009?

Which statement is TRUE about economic growth?

Price Quantity Demanded Quantity Supplied $10 2,000 1,200 $12 1,900 1,300 $14 1,800 1,400 $16 1,700 1,500 $18 1,600 1,600 $20 1,500 1,700   If the price in the free market were $12, then a:

Use the Rule of 70 to answer the questions on economic growth. Round answers to two places after the decimal.   If annual real GDP per capita growth in Djibouti averages 6.6% per year, how long will it take the country to quadruple its real GDP per capita? [ans1] years   It took Botswana 25 years (1980-2004) to increase its real GDP per capita eightfold, what was its average economic growth during this period? [ans2]%

In a free market setting where quantity supplied is 40 units and quantity demanded is 50 units, price will:

Jose sells his economics textbook from last semester, which he could sell back to the bookstore for $40, to Adolfo for $150. Adolfo had planned to pay $240 for the textbook at the bookstore. Which of the following statements is TRUE?

You drive to work every weekday morning (Monday – Friday) and you decide to keep track of the time it takes, in minutes, for 35 days. The results follow:    15 17 17 17 17 18 19 19 19 19 19 19 20 20 20 20 20 21 21 21 21 21 21 21 21 21 22 23 23 24 26 31 36 38 39 Consider the stem plot below: The stems would be  Stem Leaf [1]           5 7 7 7 7 8 9 9 9 9 9 9 [2] 0 0 0 0 0 1 1 1 1 1 1 1 1 1 2 3 3 4 6 [3] 1 6 8 9   The range is [24]