Price lev 340 360 380 400 420 440 460 480 500 520 Real GDP 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 5.5%, use Okun's law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is 30 %. %.

ENGR.ECONOMIC ANALYSIS
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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es
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
Real GDP
460 480 500 520
AS
AD
LAS
Transcribed Image Text:es 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 Real GDP 460 480 500 520 AS AD LAS
Price lev
340 360 380 400 420 440 460 480
Real GDP
500 520
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 5.5%, use Okun's law to calculate the amount of actual unemployment in Altrua.
The actual rate of unemployment is
T%.
30
%.
Transcribed Image Text:Price lev 340 360 380 400 420 440 460 480 Real GDP 500 520 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 5.5%, use Okun's law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is T%. 30 %.
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