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Final answer:
Explanation of calculating unemployment rate, determining full employment, and GDP deflator calculation.
Explanation:
Unemployment Rate Calculation:
1. Unemployment rate = (Number of unemployed workers / Labor force) x 100%
2. Full employment level is when there is no cyclical unemployment, meaning all frictional and structural unemployment is accounted for.
Unemployment Rate Change:
- Initially: 10% unemployment
- After: 5.56% unemployment, indicating improvement.
Nominal GDP to Deflator:
Implicit Price Deflator = (Nominal GDP / Real GDP) x 100
Learn more about Unemployment rate, GDP deflator, economy improvement here:
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