Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
what is okun''s law ? In economics study, Okun's law also named after Arthur Melvin Okun is an empirically observed relationship relating among unemployment to losses in a specific country's production. The "gap version" shows that for every 1% increasing in the rate of unemployment, a country's GDP will be at additional roughly 2% lower than their potential GDP. The "difference version" shows the relationship among quarterly changes in unemployment & quarterly changes in real GDP. The stability & usefulness of the law has been disputed. The term refers to economist Arthur Okun who proposed this relationship in 1962.
Imperfect relationship
Okun's law is more precisely known "Okun's rule of thumb" due to it is primarily an empirical inspection rather than a result resulting from theory. Okun's law is estimated because factors other than employment for example as productivity affect output. In Okun's real statement of his law, a 3% increase in resultant output corresponds to a 1% decline in the rate of unemployment; a .5% increase in labor force participation; a .5% increase in hours worked per an employee; and a 1 % increase in output per hours worked called labor productivity.
If there are economies of scope and if the price for each product equals marginal cost, is it possible for a firm to cover all its costs? If the firm's average cost of production d
Explain determination of national income using aggregate demand-aggregate supply and saving-investment methods for a three sector economy.
how would you describe a neo-keynesian (or neoclassical) synthesis? and why did Joan Robinson label it "bastard Keynesian"
Real Exchange Rates (EXCH) is the next variable that will be analysed in this VAR. The reason for including exchange rates in the VAR is that they are an important channel through
There are many ways to measure the national income. a) List at least 5 of themk question #Minimum 100 words accepted#
A government subsidy to the producers of a product: A. reduces product supply. B. increases product demand C. increases product supply. D. reduces product demand.
EXPLAIN THE MR AND MC APPROACH FOR EQUILIBRIUM DETERMINATION OF FIRM IN SHORT RUN.
Unemployment rate (LUNEMP): A key variable to assess the performance of any economy when an economy is growing, the unemployment rate will fall as job creation increases and in
the classical model assumes that consumption depends positively on disposable income. now suppose that consumption also depends on the real interest rate. a) sketch the loanable
How much money can banks create? Does this mean that banks can create an unlimited amount of money? The answer is no - that would require them to lend an unlimited amount of m
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd