Question: 1. Answer the following numerical questions: 15 points] a. Suppose statistics Canada reported the following data: Labour force participation rate is 70%, adult population is

1. Answer the following numerical questions: 15 points] a. Suppose statistics

1. Answer the following numerical questions: 15 points] a. Suppose statistics Canada reported the following data: Labour force participation rate is 70%, adult population is 35 million and the unemployment rate is 8%. Calculate the number of employed people in the economy b. Suppose GDP in a closed economy is equal to $100 million, Consumption is $50 million, and the government's net tax rate is 10%. If we are told that the government has a budget deficit of 5 million, calculate government purchases. 2. Are the following transactions included in the calculation of the GDP? Why? [2 points] a. writing a cheque to your dentist for his services b. a car manufacturer buys tires to produce vehicles with

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