a) Explain what Okun's law is. (2 points) Using Okun's law equation: b) By how much is real GDP expected to grow in normal times (long run equilibrium or full employment)? (2 points) c) By how much is real GDP expected to grow if the unemployment rate decreases 2% (as during an economic expansion)? (3 points) d) And if unemployment rate increases by 4% (as during an economic recession)? (3 points)