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.
Voluntary unemployment: It refers to a condition when person are not willing to do work at customary market wage rate, though they are receiving a work.
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Multiplier: The Multiplier is the ratio of change in income by the change in investment. Multiplier (k) = ΔY/ΔI
What relationship does the MPC bear to the size of the multiplier
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