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D Question 14 2 pts You are hired by the government of a small country to conduct some economic analysis. You are given the data

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D Question 14 2 pts You are hired by the government of a small country to conduct some economic analysis. You are given the data that you can see in the le HW2 GDP Calculation. The country produces only three goods. The national income accountants have chosen 2012 as the base year. They also give you a few pieces of information listed below for you to be able to carry out your assignment. 1. In the base year, there was no cyclical unemployment. 2. The natural rate of unemployment is constant and equal to 5%. The natural rate is solely clue to frictional reasons. 3. Potential GDP in this country does not change (no population growth, no capital growth, no technological advances). 4. Okun's Alpha equals 2. Calculate the following: 0 GDP gap in 2013 = 1-00 percent. 0 GDP gap in 2014 = '5-00 percent. 0 Cyclical rate of unemployment in 2013 = 4-55 percent. 0 Cyclical rate of unemployment in 2014 = percent. 0 Overall rate of unemployment in 2013 = percent. 0 Overall rate of unemployment in 2014 = percent. \f

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