Instructions This is a graph of the unemployment rate and the natural rate of unemployment. The series begins in January 2009 to January of 2017. 1. What is the difference between the two series called? +5 pts 2. At the beginning of the series, the US economy was in the trough of a major recession, and slowly expanded over the time period depicted. Is the pattern of each series what you would expect? why? +5pts 3 Let's put numbers on this: 12/09: U/E = 10%, Natural rate = 5.5% 11/16 U/EF 4.7% Natural rate = 4.7% Using Okun's Law, and supposing that potential GDP at both dates is $20 trillion. What is the dollar amount of the GDP gap at both dates? + 10pts M This is EXTRA CREDIT. Due 3/15 @ 6 pm