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If the real GDP in a country is at a higher output level than full employment output, then of the following is true The unemployment rate is lower than the natural rate.
What changes in real GDP occur as unemployment increases?
The relationship between unemployment and GDP is the focus of a different interpretation of Okun's law, which states that a 2% decline in GDP results from a 1% increase in unemployment.
What will occur if a country's real GDP is higher than it is at full employment?
An economy is in a recession if the present real GDP is lower than the output at full employment. A boom in the economy can be seen if the real GDP at the moment is higher than the output at full employment. We argue that the economy is in long-run equilibrium if present output is equivalent to full employment output.
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