The accompanying scatter diagram shows the relationship between the unemployment rate and the output gap in Canada
Question:
What is the unemployment rate when aggregate output equals potential output? What would the unemployment rate be if the output gap were 2%? What if the output gap were 3%? What do these results tell us about the coefficient m in Okuns law?
Transcribed Image Text:
Unemployment rate 12% 10- -4 -6 -2 2 4 5% Output gap Data from: Statistics Canada. 2.
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Related Book For
Macroeconomics
ISBN: 978-1319120054
3rd Canadian edition
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
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