Describe GDP gap and Okun’s Law
Describe GDP gap and Okun’s Law?
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GDP gap is the difference between potential and actual GDP. Economist Okun quantified relationship between unemployment and GDP as follows: For every 1 percent of unemployment above the natural rate, a 2 percent GDP gap occurs. This has become known as “Okun’s law.”
The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
Illustrate the complex cases when both supply and demand shift?
How can we compute operating leverage?
Which of the given is a quality of an oligopolistic market structure? w) There are only some dominant sellers. x) every firm sells a unique product. y) this is easy for new firms to enter the industry. z) Each firm require not react to the actions of
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Give a brief introduction of the term Risk Principle?
What are the major provisions of GATT
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