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suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in...

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suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms.
Answered Same Day Dec 22, 2021

Solution

David answered on Dec 22 2021
117 Votes
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate
of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in
percentage-point terms.
Answer:
As per Okun’s law, one percentage increase in unemployment rate (from its...
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