Okun's law shows the ...... relationship between the .....rate and the ......rate. Fill in the blanks. Negative; growth; unemployment Negative; unemployment; inflation Positive; unemployment; inflation Positive; growth; unemployment 4.51 4.0 3.5- 3.0 FIN 2.5 DEU ESP NOR Real wage growth (average annual growth rate, 1970-2011) DNK GBR 2.0 BEL ITA JPN .NLD . SWE 1.5 1.0 CAN USA 0.5 0.0 0 2 4 6 8 12 16 18 10 14 Unemployment rate (average annual rate, 1970-2011) The figure plots countries' real wage growth against their unemployment rate, averaged over the period 1970 to 2011. Based on this information, which of the following statements is NOT CORRECT? 0 Norway (NOR) and Japan (JPN) were much more successful than Spain (ESP) in terms of attaining lower rate of unemployment Germany (DEU) was better than the USA with respect to the rate of unemployment O Real wage growth rate was lower in non-European countries (USA, CAN) Considering both unemployment rate and real wage growth Netherlands (NLD) performed better than Canada (CAN). Which of the following statements is CORRECT? Real wage is the share of output per worker that is claimed by the employer through the markup Diffusion gap is the lag between some outside change in labor market conditions and the movement of the economy to the neighborhood of the new equilibrium The implementation of the new technology displaces a number of workers from their jobs both in the short and long run Migrants will likely increase the rate of unemployment in the short run but not necessarily in the long run if the increased profitability of firms leads to higher employment Which of the following is NOT one of the characteristics observed in global economy after 1979? Higher income inequality in most of the individual countries Higher debt stock both for individuals and corporations Frequent financial crises Deglobalization