Question
In Okun’s Law is the relationship between which of the
following two economic concepts?Solution
It states that for every 1% fall in unemployment in an economy, the Gross Domestic Product (GDP) will rise by 2% and Gross National Product (GNP) will rise by 3%. Please note that in the class I have just mentioned the GDP, but when I studied it in detail then there are two concepts associated here, GDP and GNP. When we consider GDP then its 2% and when we consider GNP then its 3%, I will tell this thing in the class also.
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