how to utilize models to predict changes in production and unemployment ?
Question Description
I’m working on a Economics multi-part question and need an explanation to help me understand better.
In the scenarios, your job is to determine if the economy is currently below or above the full employment GDP (or level of output), then decide whether not a fiscal stimulus or braking, is needed. Based on the reading you will also be able to determine the current unemployment rate in the economy, relative to the natural rate of unemployment.
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