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c. (1) Define the percentage GDP gap in general. (11 ) State mathematically the Okun formula ? (Okun ?s Law) for estimating the percentage GDP

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c. (1) Define the percentage GDP gap in general. (11 ) State mathematically the Okun formula ? (Okun ?s Law) for estimating the percentage GDP gap. (iii) State Okun ?s Law in words. d. (i) Using Okun's Law, compute the US current percentage GDP gap. Show your computation. (ii) State your answer in words, comparing actual to potential output. (iii) Is the US GDP gap positive or negative ? and why

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