Law assumes that with no change in unemployment

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The version of Okun’s law assumes that with no change in unemployment, real GDP (RGDP) normally grows by 3 percent over a year. If RGDP last year was $12,375 and the unemployment rate fell by 1 percentage point from last year to this year, what would you predict RGDP to be this year?

Reference no: EM13832586

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