Suppose a country surveys households and finds that 140 million people can be classified as being employed and 9 million people can be classified as being unemployed. The unemployed are people who do not have jobs but are actively looking for work. Given this information, what do we know about the unemployment rate for this country? The unemployment rate for this country is%. (Round your response to two decimal places.) Suppose this country has a natural rate of unemployment equal to 5.54%. What do we know about the size of the output gap, Y-Y in this country? million units. (Round your response to two decimal places and use a negative sign if necessary.) The output gap in this country is Now suppose this country has an a=0.75 0. What do we know about the change in inflation, x-x-1), in this country between the previous year and this year? The change in inflation is percent. (Round your response to two decimal places and use a negative sign if necessary.)

Suppose a country surveys households and finds that 140 million people can be classified as being employed and 9 million people can be classified as being unemployed. The unemployed are people who do not have jobs but are actively looking for work. Given this information, what do we know about the unemployment rate for this country? The unemployment rate for this country is%. (Round your response to two decimal places.) Suppose this country has a natural rate of unemployment equal to 5.54%. What do we know about the size of the output gap, Y-Y in this country? million units. (Round your response to two decimal places and use a negative sign if necessary.) The output gap in this country is Now suppose this country has an a=0.75 0. What do we know about the change in inflation, x-x-1), in this country between the previous year and this year? The change in inflation is percent. (Round your response to two decimal places and use a negative sign if necessary.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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