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Measuring the Economy 2
  
 
Problems
Problem 2.1: List 3 costs of unemployment. [Solution]
Problem 2.2: Please explain what is meant by Okun's law. [Solution]
Problem 2.3:
Using Okun's law, determine the percent change in real GDP if the unemployment rate goes from 8% to 4%.
[Solution]
Problem 2.4: List the 3 major types of unemployment and the 4 major reasons for unemployment. [Solution]
Problem 2.5: Find the unemployment rate given that a survey by the BLS reveals 30 people employed 10 people unemployed, and 40 people out of the labor force. [Solution]
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