Suppose the real GDP of an economy is $500 billion dollars and its unemployment rate is 6%.
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Question:
Suppose the real GDP of an economy is $500 billion dollars and its unemployment rate is 6%.
If the natural rate of unemployment is estimated at 4%, what is the value of the country’s potential GDP (LAS) in billions of dollars?
Value of the country’s potential GDP (LAS) is $ ___ billion.
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