(c) using okun's law, how more much would total output (gdp) have had to grow to create that many jobs?

1 answer:

4 0

<span>First and foremost, it should be understood that Okun's Law is an empirical observation. The law is founded in a perceived relationship between gdp and unemployment. In this sense, Okun's Law is an approximation and not rightly a Law derived from theory. There is some debate as to how much of a decrease in gdp actually occurs from an increase in unemployment, but two leading figures have offered estimations. Martin Prachowny gives the ratio 3:1, such that for every 1% increase in unemployment, a country's gdp drops by 3%. Ben Bernake more recently has offered a revised estimation, placing it closer to 2:1. Therefore, to find the inverse, a country's GDP would have to grow by 2-3% in order to reduce unemployment by 1%.</span>

You might be interested in

Interpretation of intelligence test scores is based on the assumption that the scores are normally distributed within a populati

Finger [1]

Answer: According to complete question "more than two-thirds of children will score between 85 and 115".

Explanation:

The solution to this issue is it, even though the Wechsler Ratios of Intellect scores are "standardized" to an average of 100 and a margin of error of 15 based on the standardized system used only to start scoring IQ.

So between 85 and 115 will be 68 that for each cent of the results.

Therefore the result stand between 85-115.

3 0

3 years ago

Which rating classification is typically used in the senior marketplace so that policies can be issued without a medical exam?

Vadim26 [7]

The classification that is used in the senior market place is the lien plan

Explanation:

This type of plan is most often used with the senior life insurance plan and these plan are mainly to provide the most minimal benefits without the medical examination

In this plan only the one premium will be refunded and that too it assures only in the case of death and later the benefits take over the time and finally the face amount will be payable. This is the demand for repayment and there cannot be full assurance if the company will provide us or not

4 0

3 years ago

Why is competition ineffective as a conflict resolution strategy?

mihalych1998 [28]

When some one or something solves the problem

3 0

3 years ago

The ability of unions to achieve key goals in the future will depend on their ability to Multiple Choice A) reestablish their ba

Anestetic [448]

Answer:

B) find ways to cooperate with management in training workers and redesigning jobs.

Explanation:

Unions are interest groups that are formed by people who unite together to protect their interest within n organisation. The union seeks better working conditions, payment, bebefits, and so on from the employer on behalf of its members.

For the union to achieve its key goals, it needs to train workers and redesign jobs.

Training of workers improves the value an employee can add to the organisation. So the employee is more relevant to business needs of employers.

When jobs are redesigned employees are put in roles where they can add most value. This will increase their passion for the job and productivity.

5 0

3 years ago

Read 2 more answers

During her womanhood ceremony, Dasheena Cochise spends 4 days being tested and ultimately being renamed and remade as a member o

lara [203]

Answer:

The statement that is not true of this ceremony is:

F. it is essentially about the individual rather than the community

Explanation:

The focus of this communal rite of passage is not the individual but the community because during the rite, the sense of the individual is replaced by the sense of the community. It instils in the initiates a sense that they are no longer individuals but members of the community with some rights and privileges. Community values are communicated through a sophisticated system of beliefs and practices that affirm sacred cycles.

6 0

3 years ago