The economy of Omega operates according to Okuns law In Omega potential GDP and

The economy of omega operates according to okuns law

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107.The economy of Omega operates according to Okun's law. In Omega potential GDP and real GDP equal $7 trillion, and the actual rate of unemployment equals 6%. What is the natural rate of unemployment in Omega? A. 4% B. 5% C. 6% D. 7%
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108.The economy of Omega operates according to Okun's law. In Omega the actual and the natural rates of unemployment equal 5%, and potential GDP equals $1 trillion. What is real GDP in Omega?
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109.The economy of Omega operates according to Okun's law. In Omega the actual and the natural rates of unemployment equal 5%, and real GDP equals $1 trillion. What is potential GDP in Omega?
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110.According to Okun's Law, when the output gap is positive, cyclical unemployment:
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111.According to Okun's Law, when the output gap is negative, cyclical unemployment: A. equals structural unemployment. B. equals frictional unemployment. C. is negative. D. is positive.
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112.According to Okun's Law, when cyclical unemployment is positive, then the output gap:
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113.According to Okun's Law, when cyclical unemployment is negative, then the output gap:
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114.If firms maintain preset prices in the short run, then the primary cause of outputs gaps is changes in:
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115.Varying the quantity of output produced and sold at preset prices is called: A. meeting demand. B. self-correcting economics. C. Okun's law. D. spurring inflation.
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116.In the long run, output gaps are eliminated by:
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117.In the long run, total spending only influences:
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118.In the short run ______ determines output and in the long run ____ determines output.
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119.In the long run total spending affects ______ and output is determined by _______. A. inputs and productivity; prices B. inputs and productivity; total spending C. prices; inputs and productivity D. prices; meeting demand at preset prices
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