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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 Actual Potential Unemployment Unemployment Year

Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical Natural Actual Potential Unemployment Unemployment Year 2012 2013 2014 2015 Real GDP 15, 040 15,800 GDP Rate () Rate (%) 16,000 16,000 16,500 3.5 17,160 Instruction: Enter your responses as whole numbers a. Actual unemployment rate in 2012-1% b. Potential GDP in 2013: $ c. Real GDP in 2014: $ Instructions: Enter your response rounded to one decimal place d. Natural unemployment rate in 2015: 1%

Apr 09 2020 View more View Less

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