Suppose the real GDP of an economy is $520 billion dollars and its unemployment rate is 8%. If the natural rate of unemployment is estimated at 5%, what is the value of the country’s potential GDP (LAS) in billions of dollars?
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If the natural rate of unemployment is estimated at 5%, what is the value of the country’s potential GDP (LAS) in billions of dollars?
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- Suppose the real GDP of an economy is $440 billion dollars and its unemployment rate is 6%. If the natural rate of unemployment is estimated at 4%, what is the value of the country's potential GDP (LAS) in billions of dollars? Value of the country's potential GDP (LAS) is $ billion.Suppose the real GDP of an economy is $440 billion dollars and its unemployment rate is 6%. If the natural rate of unemployment is estimated at 4%, what is the value of the country's potential GDP (LAS) in billions of dollars? Enter your response below rounded to 1 decimal place. Value of the country's potential GDP (LAS) is $ 457.6 billion.Suppose the real GDP of an economy is $560 billion dollars and its unemployment rate is 8%.If the natural rate of unemployment is estimated at 5%, what is the value of the country’s potential GDP (LAS) in billions of dollars? Enter your response below rounded to 1 decimal place.
- Suppose that in the year of 2020, Country A’s natural rate of unemployment was 5% and its actual unemployment rate was 7%. Further, the Country’s GDP in 2020 was $20,932 billion. Compute the Country’s potential GDP in 2020, using Okun's law.A futures market trades contracts on the growth rate for nominal GDP. The contract pays $X to the buyer, where X is 100 times the growth rate in nominal GDP from last year to this year. For example, if nominal GDP grows by 1% over last year, the contract pays $100 (1 x 100). Nominal GDP last year was $28,137 billion. Contracts on the futures markets are currently selling for $460. What is the market's prediction for nominal GDP this year? Put your answer in billions. You may round to two decimal places.Suppose the unemployment rate is 9%, the natural rate of unemployment is 4.5%, and Okun’s scalar has an absolute value of .015. If potential GDP is $20T, what do you expect the actual GDP to be? (Round to nearest $10B)
- If the natural rate of unemployment is 3.9 percent, the current unemployment rate is 7.3 percent, and the current GDP is 10 billion, according to Okun's law, the economy's potential output is: (in billion dollars, rounded to two decimal points).You have the following relationship between unemployment and GDP: u = 8.6 - 0.75(Y - 1000). If Y is 999$, 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. %3DYou can use a calculator to answer this question - an actual calculator or the calculator on your phone. Either is fine. Assume that U.S. population is 328 million people 70 million individuals are legally classified as unable to work (are less than 16 years of age, institutionalized, or in the military) 96 million who could be working are classified as uninterested working 7 million are classified as unemployed Given this information, what is the employment to population ratio? State your answer as a percentage (type in the percentage symbol), and round to one decimal place, i.e. xx.x%
- If the number of people in the labor force is 140 million and 130 million people are employed, then the number of people who are unemployed is _________ million.Consider an economy that only produces and consumes two goods - cars and blankets. Suppose the inflation rate based on the consumer price index is higher during the year than that based on the GDP deflator. Assuming underlying tasted and preferences in the economy stay the same, what can you say about the price movements of cars and blankets during the year? The prices of cars and blankets must have changed at different rates, causing consumers to substitute one of the goods for the other. Since the GDP deflator is calculated based on what is actually purchased, it takes that substitution into account. O The relative price of cars and blankets must have remained unchanged. O The prices of cars and blankets must have changed at different rates, causing consumers to substitute one of the goods for the other. Because the consumer price index is a fixed-weight index, it understates the rate of inflation in this situation. O Regardless of what happened the prices of cars and blankets during…Which of the following are true of an economy operating with a negative GDP gap? Check all that apply. a)A worker with a college degree is more likely to be unemployed than a worker without one. b)The suicide rate, crime, and political unrest may be higher than in an economy with a similar potential GDP and a lower unemployment rate. c)Actual real GDP is less than potential real GDP. d)A teenage worker is more likely to be unemployed than an older worker.
