Consider the macroeconomic data shown below for a hypothetical country's economy. a. Compute the output gap for
Question:
Consider the macroeconomic data shown below for a hypothetical country's economy.
a. Compute the output gap for each year.
b. Explain how GDP can exceed potential GDP.
c. Does real GDP ever fall in the time period shown? What do economists call such periods?
d. What is the unemployment rate when this economy is at "full employment"? What kind of unemployment exists at this time?
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