economics10

May 19th, 2015
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THE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2008 EXAMINATIONS ACCOUNTING TECHNICIAN PROGRAMME

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Okun's lawWe know that when there is unemployment, the economy is not producing at full output since there are people who are not working. But, what exactly is the relationship between unemployment and national output or GDP? How much would we expect the GDP to increase if unemployment fell 1%? These are useful and important questions to ask when trying to understand the costs of unemployment.An economist named Arthur Okun looked at the relationship between unemployment and national output over the past 50 years. He noticed a general pattern and stated an equation to explain it. His equat

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