Suppose that because of a recession, the real wage increases to (W/P) = 8 units. As a result the cyclical rate of unemployment will equal
percent and the real GDP will equal
units.
1
Expert's answer
2019-05-10T10:58:28-0400
If because of a recession, the real wage increases to (W/P) = 8 units, then the cyclical rate of unemployment will increase and the real GDP will decrease by the amount of the cyclical rate of unemployment multiplied by the Okun's alpha.
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