Checkpoint 1 Problem 2 The table describes ve possible outcomes for 2020, depending on the level of aggregate demand in that year. Potential GDP is $9 trillion and the natural unemployment rate is 5 percent. Using Okun's Law, when the unemployment rate is 5 percent, what is real GDP? When the unemployment rate is 5 percent, real GDP is $ 0 trillion. >>> Answer to 2 decimal places. Question Help 7 Q Unemployment rate Price level [percentage of labor (2019 = 100) force] A 102.5 9 B 105.0 6 C 106.0 5 D 10?.5 4 E 110.0 3 UHECKPOIHI 1 IESI A 0 Question Help? i price level in 2019 is 105. 117 Price level Unemployment rate 11, ------ The table shows four possible outcomes for 2020 depending on the level of Price level (GDP price index, 2018 : 100) [-64-] aggregate demand in that year. 1 ' -.___,- 11 ' Potential GDP is $11 trillion, the natural unemployment rate is 5 percent, and the 11. 5555!; Q {1:11 (2013 = 100} (percentage of labor fame} - - A 108 9 114 - s 113 6 11 c 115 5 112 - D 118 4 111 - Draw the four points 211,8, C, and D that lie on the shortrrun aggregate supply curve 111 ------- using the data in the table. Label them. 1 ' ' - 108 Draw the shortmn aggregate supply curve for 2020. 107 - Label it AS. = >>> Calculate values of real GDP to 1 decimal place. 106 9.9 10.1 10.3 10.5 10.7 10.9 11.1 11.3 Real GDP (trillions 012018 dollars) >>> Draw only the objects specied in the question. Score: 0 of 1 pt 3 of 10 (0 complete) HW Score: 0%, 0 of 11 pt Chapter Problem 5 Question Help In 2019, the natural unemployment rate is 7 percent and the expected inflation Inflation rate (percent per year) rate is 4 percent. 10.0- Draw the long-run Phillips curve. Label it LRPC2019- Draw the short-run Phillips curve. Label it SRPC2019- 8.0 In 2020, the natural unemployment rate decreases to 6 percent with no change in expected inflation. 6.0- Draw the long-run Phillips curve in 2020. Label it LRPC2020- 4.0- Draw the short-run Phillips curve in 2020. Label it SRPC2020- 2.0 0.0+ 4 5 6 8 9 10 Unemployment rate (percent of labor force) > >> Draw only the objects specified in the questionCheckpoint 2 Test A 1 Assigned Media Question Help In an economy, the natural unemployment rate is 7 percent and the expected Inflation rate (percent per year) inflation rate is 4 percent a year. 8.0- Draw a point at the natural unemployment rate and the expected inflation. 7.0- Draw a short-run Phillips curve. Label it SRPC. 6.0- Draw the long-run Phillips curve. Label it LRPC. 5.0- 4.0- 3.0- 2.0- 1.0- 0.0+ 3 5 6 7 10 Unemployment rate (percent of labor force) > >> Draw only the objects specified in the