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Assume that the unemployment rate is 7 percent and GDP is $4000 billion What is a rough estimate of potential GDP if the NAIRU is 5 percent Assume that potential GDP is growing at 3 percent annually

Assume that the unemployment rate is 7 percent and GDP is $4000 billion. What is a rough estimate of potential GDP if the NAIRU is 5 percent? Assume that potential GDP is growing at 3 percent annually. What will potential GDP be in 2 years? How fast will GDP have to grow to reach potential GDP in 2 years? 5. What is the labor-force status of each of the following? a. A teenager who sends out resumes in searching for a first job b. An autoworker who has been laid off and would like to work but has given up hope of finding work or being recalled c. A retired person who moved to Florida and

May 01 2020 View more View Less

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