Question
Suppose the real GDP of an economy is $560 billion dollars and its unemployment rate is 8%. If the natural rate of unemployment is estimated
Suppose the real GDP of an economy is $560 billion dollars and its unemployment rate is 8%. If the natural rate of unemployment is estimated at 5%, what is the value of the country's potential GDP (LAS) in billions of dollars? Value of the country's potential GDP (LAS) is $ _________ billion. Can you help me solve? Is the answer 595.74?
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Managerial Economics and Business Strategy
Authors: Michael Baye, Jeff Prince
9th edition
9781259896422, 1259290611, 1259896420, 978-1259290619
