If the natural unemployment rate is 5 percent, the actual unemployment rate is 8 percent, and potential GDP is $15 trillion, then according to Okun's Law, real GDP is
A) $13.8 trillion.
B) $15.9 trillion.
C) $13.05 trillion.
D) $14.25 trillion.
E) $14.1 trillion.
E
Economics
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Firms exit a competitive market when they incur an economic loss. In the long run, this exit means that the economic losses of the surviving firms
A) increase. B) decrease until they equal zero. C) decrease until economic profits are earned. D) do not change. E) might change but more information is needed about what happens to the price of the good as the firms exit.
Economics
State whether property taxes, income taxes, and sales taxes are progressive, regressive, proportional, or none of the above. What about the tax system as a whole?
What will be an ideal response?
Economics