Assume that the unemployment ratenbspis 7 and gdp is 4000, Business Economics

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Assume that the unemployment ratenbspis 7 and gdp is 4000

1. Assume that the unemployment rate is 7% and GDP is $4,000 billion. What is a rough estimate of the potential GDP if the NAIRU is 5%?

2. Assume that potential GDP is growing at 3% annually. What will potential GDP be in 2 years?

3. How fast will actual GDP have to grow to reach potential GDP in 2 years?

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Business Economics: Assume that the unemployment ratenbspis 7 and gdp is 4000

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Business Economics: Assume that the unemployment ratenbspis 7 and gdp is 4000

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