What would be the dollar value of the recessionary gap

Reference no: EM13237108

Suppose that the unemployment rate is 6.5% and current-dollar GDP is $1,45 billion. Using Okun's Law, what would be the potential GDP number corresponding to a natural unemployment rate of 5.5%? What would be the dollar value of the recessionary gap? What would be the potential GDP number corresponding to a natural rate of 7%? What would be the value of the expansionary gap?

Reference no: EM13237108

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