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Suppose short-run output exceeds full potential output by 3 percent. a) [5 points] According to Okun's law, what is the effect on unemployment? b) [5

Suppose short-run output exceeds full potential output by 3 percent. a) [5 points] According to Okun's law, what is the effect on unemployment? b) [5 points] Assuming that inflationary expectations are constant, what is the effect on wages?

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