Complete questions and data are on attached file

Use the information to find the following:

a) the size of the labour force

b) the size of the labour force population

c) the official unemployment rate

d) an estimate of the unemployment rate that includes underemployment

3) Using Okun's law, calculate the gap between potential output and actual output in a hypothetical economy in 2014 and 2015. In your answers, assume a natural unemployment rate of 6.5%

a) In 2014, the unemployment rate was 7.2% and real GDP in 2012 dollars was $1543.2 billion

1) Fill in the table below for a hypothetical economy Finding real gross domestic product Year 2012 2013 2014 2015 2016 Nominal GDP (Current $billion) $______________ 982.4 1152.9 1373.8 1589.6 GDP Deflator 91.691 98.923 ________ 110.187 ________ Real GDP (2013 $billions) $913.40 ________ ________ ________ 1318.1 2) The information below applies to a hypothetical economy Unemployed members of the labour force Total population 15 years of age and over Participation rate Workers with full time jobs Part-time workers who do not wish to have full-time jobs Part-time workers who wish to have full-time jobs Total population less than 15 years of age 2.3 million 58.9 million 64% 21.4 million 4.2 million 3.5 million 14.6 million Use above information to find the following: a) the size of the labour force b) the size of the labour force population c) the official unemployment rate d) an estimate of the unemployment rate that includes underemployment 3) Using Okun's law, calculate the gap between potential output and actual output in a hypothetical economy in 2014 and 2015. In your answers, assume a natural unemployment rate of 6.5% a) In 2014, the unemployment rate was 7.2% and real GDP in 2012 dollars was $1543.2 billion b) In 2015, the unemployment rate was 8.3% and real GDP in 2012 dollars was $1612.8 billion thetical economy