This is an "all-or-nothing" question: if you do not mark all the correct answers, or mark any incorrect answers, you will get zero! Read the statements VERY carefully! Which of the following statements is true? According to Okun's law: Select one or more: a. unemployment is illegal. b. more unemployment causes more inflation. c. the unemployment rate is correlated with the growth rate of GDP. d. higher growth of gross domestic product tends to cause more unemployment. e. the higher the growth rate of the Gross Domestic Product, the lower the growth rate of unmeployment, other things being equal.

This is an "all-or-nothing" question: if you do not mark all the correct answers, or mark any incorrect answers, you will get zero! Read the statements VERY carefully! Which of the following statements is true? According to Okun's law: Select one or more: a. unemployment is illegal. b. more unemployment causes more inflation. c. the unemployment rate is correlated with the growth rate of GDP. d. higher growth of gross domestic product tends to cause more unemployment. e. the higher the growth rate of the Gross Domestic Product, the lower the growth rate of unmeployment, other things being equal.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 32CTQ: Do you think perfect indexing is possible? Why or why not?

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Do you think perfect indexing is possible? Why or why not?
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1. 2. Explain why macroeconomic analysis is particularly concerned with issues of economic growth, unemployment, inflation, and balance of payments? "Economic growth does not necessarily reduce the number of unemployed workers". Explain this statement.
1. According to the given scatter diagram, answer the following questions. Okun's Law 1.5 E 1 0,5- 4 1 -1 -0,5 -1 -1,5 GDP Growth Rate Change in Unemployment Rate What is the growth rate (g1) that can keep the unemployment rate constant? If the Central Bank aims to reduce the unemployment rate from 8 percent to 7 percent, what should be corresponding GDP growth rate (g2) be? O g1=2 g2=4 81 = 682 = 2 g1=4 g2= 6 g1=2 g2= 6 g1 = 4 g2=2
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Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 Jamaica and illustrate on a line graph. Note: ONE graph should be done showing all three variables. (a) Examine the data for Jamaica from 2009 to 2018. What relationship (positive, negative, none) do you observe between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period Relationship Justification (b) Rank the three economie variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at position 1, 2 and 3.) Rank Variable Justification 1 2 3 (c) “Many believe that the main objective of government economic policy should be to increase…
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During a given period of time, the economic growth of a country is reflected through phases of the economic cycle. 1.What is an economic cycle? Explain.2. What are the four phases of the business cycle? Explain each one.3. Do the four phases have a certain order? Explain your answer.4. Does an economic cycle have a specific time of months or years? Explain your answer.
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