Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Natural Unemployment Rate () 4 Year 2015 2016 2017 2018 Real GDP 13,248 14,500 (c) 15,049 Potential GDP 14,400 (b) 14,800 14,900 4.5 4 (d) Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: % b. Potential GDP in 2016: $ c. Real GDP in 2017: $ Actual Unemployment Rate () (a) 4.5 Instructions: Enter your response rounded to one decimal place. d. Natural unemployment rate in 2018: % 5 4
Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Natural Unemployment Rate () 4 Year 2015 2016 2017 2018 Real GDP 13,248 14,500 (c) 15,049 Potential GDP 14,400 (b) 14,800 14,900 4.5 4 (d) Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: % b. Potential GDP in 2016: $ c. Real GDP in 2017: $ Actual Unemployment Rate () (a) 4.5 Instructions: Enter your response rounded to one decimal place. d. Natural unemployment rate in 2018: % 5 4
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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