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On September 15, 2014, the OECD Predicted That Global Growth

question 5

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On September 15, 2014, the OECD predicted that global growth would continue at a moderate rate and that Canada's economic growth will strengthen. If the OECD forecasts turn out to be correct, and Canada is in a below full-employment equilibrium in 2014 (but close to full employment) , then in 2015 and 2016 the output gap will ________ and unemployment will ________.


Definitions:

College Professorship

A faculty position at a college or university, often including roles such as teaching, research, and administrative responsibilities.

Mutually Exclusive

A statistical term describing events that cannot occur at the same time, indicating no overlap in outcomes.

Joint Probability

The likelihood of two events happening at the same time.

Conditional Probability

The probability associated with an event under the condition that a separate event has already transpired.

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