The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rounded to one decimal place. Price level 340 360 380 400 420 440 460 480 500 520 Real GDP AS AD LAS ↑ %. Ⓡ a. The size of its recessionary gap is $ b. The size of this gap as a percentage of its actual GDP is c. If the natural rate of unemployment is 3%, use Okun's law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is %.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Ab 25 

Subject _ Economics 

 

The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rounded to one decimal
place.
Price level
340 360 380 400 420 440 460 480 500 520
Real GDP
AS
AD
LAS
a. The size of its recessionary gap is $
b. The size of this gap as a percentage of its actual GDP is
c. If the natural rate of unemployment is 3%, use Okun's law to calculate the amount of actual unemployment in Altrua.
%.
The actual rate of unemployment is
%.
Transcribed Image Text:The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rounded to one decimal place. Price level 340 360 380 400 420 440 460 480 500 520 Real GDP AS AD LAS a. The size of its recessionary gap is $ b. The size of this gap as a percentage of its actual GDP is c. If the natural rate of unemployment is 3%, use Okun's law to calculate the amount of actual unemployment in Altrua. %. The actual rate of unemployment is %.
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