The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5% What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the final row of the table. Real GDP ($billions) Unemployment rate GDP Gap (billions) $ 2015 $700 8.6% $ 2016 $675 7.4% $ 2017 $825 6.4%

The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5% What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the final row of the table. Real GDP ($billions) Unemployment rate GDP Gap (billions) $ 2015 $700 8.6% $ 2016 $675 7.4% $ 2017 $825 6.4%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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