Suppose that in 2013 , potential GDP in the nation of Octavia is $ 85,000, real GDP is $75,000 and the potential GDP grows at the rate of 2% per year ... a) if real GDP is $78,000 in 2014 , using Okun's law .Calculate the cyclical rate of unemployment. b) If real GDP is $ 83,000 in 2015, using Okuns law, calculate the cyclical rate of unemployment.

Suppose that in 2013 , potential GDP in the nation of Octavia is $ 85,000, real GDP is $75,000 and the potential GDP grows at the rate of 2% per year ... a) if real GDP is $78,000 in 2014 , using Okun's law .Calculate the cyclical rate of unemployment. b) If real GDP is $ 83,000 in 2015, using Okuns law, calculate the cyclical rate of unemployment.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter6: How Statisticians Measure Inflation

Section: Chapter Questions

Problem 3TY

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