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The version of Okun's law studied in Chapter 10 assumes that with no change in unemployment, real GDP normally grows by 3 percent over a year. If the unemployment rate rose by 2 percentage points over a year, Okun's law predicts that real GDP would:
Napoleon
A French military leader and emperor who rose to prominence during the French Revolution and its associated wars, known for his strategic skills and the Napoleonic Code.
French Émigrés
Refers to French individuals, especially nobility, who fled France during the French Revolution due to threats to their lives and status.
Philadelphia
A historic city in the United States, known for its significant role in American history, particularly during the Revolutionary War.
1790s
The decade from 1790 to 1799, notable for significant political and social changes globally, including the French Revolution.
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