Calculate the GDP loss of the unemployment rate in the country is 9.4% and actually GDP...
Homework Answers
The Okun's law describes the relationship between unemployment and GDP, whereby a percentage increase in unemployment results to a 2% loss in GDP, thus every 1% increase in the rate of unemployment, a country's GDP will be nearly an additional 2% lower than its potential GDP
Thus GDP loss = 9.4% * 102% = 9.588%
Thus GDP loss = $980 * 9.588% = 9396.24
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