Let y be the percent increase in annual US national production during a year when the
Chapter 1, Problem 33(choose chapter or problem)
Let y be the percent increase in annual US national production during a year when the unemployment rate changes by u percent. (For example, u = 2 if unemployment increases from 4% to 6%.) Okuns law states that y = 3.5 2u. (a) What is the meaning of the number 3.5 in Okuns law? (b) What is the effect on national production of a year when unemployment rises from 5% to 8%? (c) What change in the unemployment rate corresponds to a year when production is the same as the year before? (d) What is the meaning of the coefficient 2 in Okuns law? 3
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