Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical.NaturalUnemploymentRate (%)55.55(d)Year2015201620172018Real GDP15,36015,800(c)16,995Potential GDP16,000(b)16,00016,500Instruction: Enter your responses as whole numbers.a. Actual unemployment rate in 2015:b. Potential GDP in 2016: $c. Real GDP in 2017: $%ActualUnemploymentRate (%)Instructions: Enter your response rounded to one decimal place.d. Natural unemployment rate in 2018: %(a)5.55.54

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Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Natural Unemployment Rate (%) 5 5.5 5 (d) Year 2015 2016 2017 2018 Real GDP 15,360 15,800 (c) 16,995 Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: b. Potential GDP in 2016: $ Potential GDP 16,000 (b) 16,000 16,500 c. Real GDP in 2017: $ % Actual Unemployment Rate (%) Instructions: Enter your response rounded to one decimal place. d. Natural unemployment rate in 2018: % (a) 5.5 5.5 4

Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Natural Unemployment Rate (%) 5 5.5 5 (d) Year 2015 2016 2017 2018 Real GDP 15,360 15,800 (c) 16,995 Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: b. Potential GDP in 2016: $ Potential GDP 16,000 (b) 16,000 16,500 c. Real GDP in 2017: $ % Actual Unemployment Rate (%) Instructions: Enter your response rounded to one decimal place. d. Natural unemployment rate in 2018: % (a) 5.5 5.5 4

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 1CQQ

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