Chapter 5: Price Controls1. Suppose the following image shows the supply and demand graph for screwdrivers. Thegovernment enacts a price ceiling on screwdrivers at $8. What effect does the price ceiling haveon the following:The quantity of screwdrivers demanded by consumers?b. The quantity of screwdrivers supplied by producers?c. How do these quantities relate to the equilibrium price and quantity prior to thea.enactment of the price ceiling? Why?12 Price10+Supply8-6-4+2-Demand6070180160120QuantityChapter 6: Introduction to Macroeconomics and Gross Domestic Product2. The GDP data in the table is end-of-year data for Spain. Complete the blanks in the table. Pleaseround to 1 decimal place.Nominal GDPReal GDPYearGDP Deflator(Millions of Euros) (Millions of Euros)$266,227$275,4182014100.82015$273,3722016$281,610101.63. For each of the following, determine if the following are counted in GDP or not:a. The Boston Red Sox purchase baseball caps for the players to wear on the fieldb. You purchase flour to bake bread that you sell at the local farmer's marketc. A mechanic purchases wrenches to utilize while repairing airplanesd. You buy cupcakes for your child's birthday partyA car salesman sells a used Ford pickup truck off the lot at the dealership he works ate. ments, choose Check for Updates.Chapter 7: Unemployment4. The table below provides employment data for the imaginary country of Worklandia in 2016.Classification2016100Total PopulationEmployedHomemakers5716Full-Time Students15RetiredSeeking Work, butwithout a joba. How many people are in the labor force in Worklandina in 2016?b. What was the unemployment rate in Worklandia in 2016?c. What was the was the labor force participation rate in Worklandia in 2016?Following a number of prosperous years, Worklandina entered a recession in 2017. As a result,many companies went out of business and 12 people lost their jobs.d. Assuming everyone who lost their job immediately began to look for a new jobimmediately began to look for a new job, what was the unemployment rate and thelabor force participation rate in 2017?e. Did cyclical unemployment go up, go down, or stay the same in 2017?Chapter 8: The Price Level and Inflation5. Suppose the people of one nation are huge football fans and the only items they consume arewings and beer. They consume them in the following amounts. Using 2015 as the base year,calculate the price index for 2016.Market Basket2015 Price2016 PriceQuantity$7$12Wings3$6Beer2$106. Use the below CPI data for the following questions:YearCPI196733.41997160.5a. What was the inflation rate?b. What would something that cost $45 dollars in 1967 cost in 1997?

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