According to Okun's law, how much output (real GDP) was lost in 2009 when the nation's unemployment rate increased from 5.8 percent to 9.8 percent? Instructions: Round your response to one decimal place. %
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- ces According to Okun's law, how much output (real GDP) was lost in 2009 when the nation's unemployment rate increased from 5.8 percent to 9.8 percent? Instructions: Round your response to one decimal place. %If the natural rate of unemployment is 3.9 percent, the current unemployment rate is 7.3 percent, and the current GDP is 10 billion, according to Okun's law, the economy's potential output is: (in billion dollars, rounded to two decimal points).You have the following relationship between unemployment and GDP: u = 8.6 - 0.75(Y - 1000). If Y is 999$, how much is the natural rate of unemployment? What your answer as a percentage, round at one (1) decimal, but do not write the percentage sign. %3D
- The natural rate of unemployment is 6%, and the actual unemployment rate is 9%, Okun's coefficient for this country is 3. If the potential GDP this year is 1600 billion Euros, what amount of output was lost due to unemployment?The figure below shows data points for real GDP growth and the change in the unemployment rate for 24 different years in Brazil. Brazil (1990-2013) 6. y= -0.1183x +0.4161 R = 0.2247 2009 -2 -6 -10 6. Real GDP growth (%) Based on the figure, which of the following statements is true? O The unemployment rate increased in all the years that real GDP growth was negative. O Okun's Law appears to be true in Brazil The largest decrease in the unemploymont rate was during 2009, The equation for the line of best ht predicts that unemployment won't change when real GDP growth is ON 4. NON Change in unemployment rate (%)Suppose a small island nation, called Econland, has a population of 100,000 people. The labor force consists of 60,000 people, out of which 55,000 are employed and 5,000 are unemployed. Calculate the following economic indicators for Econland: Unemployment Rate Labor Force Participation RateEmployment Rate Population Growth Rate (Assuming the previous year's population was 95,000): Round your answers to the nearest two decimal places.
- Is it ever possible to have zero unemployment in an economy? Why or why not? Explain in detailsLet's assume that the working-age population of a country B is 125 million and 60 million people are in the labor force. If 55.8 million people are considered employed, and 4.2 million are considered unemployed, what is the rate of unemployment in percentage?Let's assume that the working-age population of a specific country D is 210 million and 120 million people are in the labor force. If 114 million people are considered employed, and 6 million are considered unemployed, what is the rate of unemployment in percentage?
- If real GDP growth is -10% then according to Okun’s law, the unemployment rate should be a) increasing by 13 percentage points b) decreasing by 13 percentage points c) increasing by 6.5 percentage points d) decreasing by 6.5 percentage points please show stepsIf the labor force of 165 million people is growing by 1.6% this year, how many new jobs have to be created each month to keep unemployment from increasing?The towns of Sawyer and Thatcher each have a labor force of 800 people. In Sawyer, 100 people were unemployed for the entire year, while the rest of the labor force was employed continuously. In Thatcher, every member of the labor force was unemployed for 1 month and employed for 11 months. a. What is the average unemployment rate over the year in each of the two towns? Instructions: Enter your responses rounded to one decimal place. Sawyer: %. Thatcher: %.