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20 Use the table to answer the questions. I = unemployment rate, u# = natural rate of unemployment, Y = output, Y* = full employment
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Use the table to answer the questions. I = unemployment rate, u# = natural rate of unemployment, Y = output, Y* = full employment output Macmillan Learning Year 2007 3.5% 4% 2008 4% 4% 2009 5% Given the information in the table, select the answer that best describes the condition of this economy in 2007. The economy is in an exceptional expansion because Y is greater than Y*. The economy is in an exceptional expansion because output is below potential. The economy is in a recession. There is not enough information to assess the condition of the economy. The economy is healthy, where Y is equal to Y*. What is the value of cyclical unemployment in 2009? valueStep by Step Solution
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