The Following Information Is for a Specific Year in a Hypothetical

question 112

Multiple Choice

The following information is for a specific year in a hypothetical economy for which Okun's law is applicable:
Potential Real GDP = $200 billion
Natural rate of unemployment = 6 percent
Actual rate of unemployment = 12 percent
-The size of the GDP gap in percentage terms for the above economy is:

• A) 9 percent.
• B) 12 percent.
• C) 15 percent.
• D) 18 percent.

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Definitions:

Music Revenue

Income generated from the music industry, including sales of albums, streaming services, concerts, and licensing fees.

Physical Products

Tangible items that can be bought, sold, and used by consumers, differing from services or digital products.

Media Economy

A subset of the economy concerned with the production, distribution, and consumption of media goods and services.

News Outlets

Organizations that gather, report, and distribute news to the public via various mediums like newspapers, television, and the internet.