The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rounded to one decimal place. a. The size of its recessionary gap is $ . b. The size of this gap as a percentage of its actual GDP is %. c. If the natural rate of unemployment is 1%, use Okun’s law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is %.

The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rounded to one decimal place. a. The size of its recessionary gap is $ . b. The size of this gap as a percentage of its actual GDP is %. c. If the natural rate of unemployment is 1%, use Okun’s law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is %.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 12RQ: What are the main components of measuring GDP with what is produced?

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