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Using Okuns law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Year. Real GDP

Using Okuns law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical.

Year. Real GDP Potential GDP Natural Unemployment Rate (%). Actual Unemployment Rate (%)

2015 13,536 14,400 5 (a)

2016 14,500 (b) 5 5

2017 (c) 14,800 5 4.5

2018 15,444 14,850 (d) 4

Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: _____ % b. Potential GDP in 2016: $ ______ c. Real GDP in 2017: $ _______

Instructions: Enter your response rounded to one decimal place.

d. Natural unemployment rate in 2018: _____ %

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