which prediction is consistent with okun's law? an increase in the price level will lead to a decrease in the purchasing power of consumers. an increase in real gdp of 4% will lead to an increase in the unemployment rate of 6%. an increase in real gdp of 4% will lead to a decrease in the unemployment rate of 2%. a decrease in gdp of 4% will lead to an increase in the unemployment rate of precisely 4%.

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16-11-2022
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which prediction is consistent with okun's law? an increase in the price level will lead to a decrease in the purchasing power of consumers. an increase in real gdp of 4% will lead to an increase in the unemployment rate of 6%. an increase in real gdp of 4% will lead to a decrease in the unemployment rate of 2%. a decrease in gdp of 4% will lead to an increase in the unemployment rate of precisely 4%.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-28T11:40:14+01:00

The correct answer as per Okun's Law, an increase in real GDP of 4% will lead to a decrease in the unemployment rate of 2%. So, the correct answer is (c).

Okun's Law states that there is a significant correlation between unemployment and output losses in a nation. It asserts that a 1% rise in unemployment will typically be matched by a 2% decline in GDP (GDP).

Output and unemployment are the two primary economic parameters that economists focus on when researching the economy. Many economists research the connection between production (or more particularly, gross domestic product) and unemployment rates since there is a link between these two elements of an economy.

The statistically significant association among unemployment and GDP is examined by Okun's Law. Okun's Law can be used to calculate gross domestic product estimates (GNP).

Learn more about Okun's law here:

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