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This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks. Assume that the relationship between the output ratio and the unemployment rate, U is given by the equation U = 6.0 - 0.5 (output ration -100).
a) Compute the unemployment rate for each of the 10 time periods.
Time period
1
2
3
4
5
6
7
8
9
10
x
5.0
6.0
5.5
4.8
4.4
3.1
2.6
2.8
3.0
3.2
b) When and why were the inflation and unemployment rates negatively correlated? When and why were the inflation and unemployment rates positively correlated? c) Explain why there is no long-run unemployment-inflation tradeoff.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
What will be the effect of this change in policy on both the real and the nominal interest rate in the long - run?
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Suppose that American households change their tastes such that they want to save more at every level of income.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
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