Question

Actual GDP in 2017 was UAH 3,000 billion, while potentially possible was UAH 3,375 billion. The natural unemployment rate for the country is 4%. Find the actual unemployment rate.

Answer 1

$3375 - 3000 = 375$

$375/3000 = 0.125$

$0.125 × 100 = 12.5$%

$12.5 - 4 = 8.5$

= $8.5$