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ABS reported the following data for October 2011:
Labour force participation rate: 65.6 per cent
Working-age population: 18,429,726
Employment-to-population ratio: 62.2
Calculate the
(a) Labour force.
(b) Employment.
(c) Unemployment rate.
The Lucky Country reported the following CPI data:
June 2010 201.9
June 2011 207.2
June 2012 217.4
(d) Calculate the inflation rates for the years ended June 2011 and June 2012. Explain how the inflation rate changed in 2012?
(e) Explain why might these CPI numbers be biased?
(f) What would be alternative price indexes and how would the alternative price indexes help to avoid the bias in the CPI numbers?
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