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What do you expect the actual gdp to be

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1. Suppose the unemployment rate is 9%, the natural rate of unemployment is 4.5%, and Okun's scalar has an absolute value of .015. If potential GDP is $20T, what do you expect the actual GDP to be? (Round to nearest $10B)

2. This question involves the use of the IS-LM and AS-AD models.

a. Suppose that, ceteris paribus, the government raises taxes. Diagram the effects of such a change in the IS-LM model. What happens to "the" interest rate?

b. Now show both the short-run and long-run effects of this change in the IS-LM model in the AS-AD model. What happens to the price level and output in the short and long runs?

Reference no: EM132410798

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