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[GET ANSWER] Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical.NaturalUnemploymentRate (%)ActualUnemploymentRate (%)(a)3.5PotentialYearReal GDPGDP20157,5208,000320168,000(b)3.52017(c)8,1504320188,3328,250(d)3.5Instruction: 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 unemploym
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What is Okun's law? If the unemployment rate increases by 2 percentage points between this year and next year, by how much will output change during the same period? Assume that the natural unemployment rate and full-employment output are constant. Use the form of Okun's Law in Eq. (3.5). | Numerade
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