Question 1. Labor Market Statistics Type of statistic Number (millions) Population under the age of 16 Population over the age of 16 Retirees Discouraged workers Frictionally unemployed Structurally unemployed Cyclically unemployed a. How many people are in the country’s labor force? b. What is the labor force participation rate? c. What is the unemployment rate? d. What is the natural unemployment rate? e. What is the rate of cyclical unemployment?2. Interest Rates and InflationYear 2006 2007 2008 2009ExpectedActual 2% 1% 2% 7%This table shows inflation and interest rate data on loan contracts in different years. a. Fill in the ?Real interest rates? column. b. In which year(s) were the actual real interest rates on loan contracts negative? c. In which year(s) did lenders gain at the expense of borrowers? d. In which year(s) did borrowers gain at the expense of lenders?

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