According to Okun's Law, if GDP increased by 6%, the unemployment rate would decrease by
A. 1 percentage point.
B. 2 percentage points.
C. 3 percentage points.
D. 6 percentage points.
Answer: B
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The table above gives some data about GDP in a country for two years. Using these the chained-dollar method for calculating real GDP, real GDP increased by ________ percent between these two years
A) 6 B) 5 C) 10 D) 4 E) 2
In the IS curve, if Y falls for any given level of the real interest rate ________
A) consumption decreases B) output increases C) saving increases D) all of the above E) none of the above
The opportunity cost of a given investment is the potential earnings forfeited by tying up money in the investment
a. True b. False Indicate whether the statement is true or false
The primary purpose of labor unions is to
A. strike. B. give individuals greater bargaining power with employers. C. change our economic system. D. provide workers with political power.