Okuns law
Describe Okun's law? Give an illustration of how it works.
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The Okun’s Law is an empirical relation between unemployment and output/GDP. It was found by the economist named ARTHUR OKUN, who used US data and found that for every 1% rise in unemployment, GDP falls by 2%. This is the cost of unemployment.
If the liability to give a tax is on one person and the burden of tax fall on some other person, state the kind of tax? Answer: These are indirect taxes like sales
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Economic systems differ according to which two main characteristics?
Question: A county with a fixed or managed exchange rate would consider i.___________________ its currency if the country is worried about domestic inflation. ii. Briefly Explain? Q : Income approach to evaluate national Explain in short the income approach to evaluate national income. Answer: Under income method to compute the National Income, the steps given below have been taken into account: A) First of all production units tha
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Describe Aggregate Expenditure model and also state AD/AS model?
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