What is Okun's Law?
What will be an ideal response?
Okun's Law says that for each percentage point that the unemployment rate is above the natural unemployment rate, there is a 2 percent gap between real GDP and potential GDP.
Economics
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Raising the personal income tax rate rotates the consumption function ________ and ________ the tax-adjusted MPC
A) downward; raises B) upward; raises C) downward; lowers D) upward; lowers
Economics
The table gives data on the production and prices in a small economy. Use 2012 as the base period. Using the chained-price method, what is the growth rate of real GDP from 2012 to 2013?
What will be an ideal response?
Economics