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Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0077337728Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0077337728 Exercise 3
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. If the potential GDP is $500 billion in that year, how much output is being forgone because of cyclical unemployment?
Explanation
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According to Okun's law, for every 1 per...
Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
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