Business, 30.05.2020 22:00 dondre54

Imagine a new technology emerged, allowing for increased productivity and driving U. S. real GDP growth from 3.53.5 percent one year to 4.754.75 percent in the next year. Given this information, the change in the unemployment rate when the growth rate is 3.53.5 percent will be to increase by 1.251.25 percent. (Round your response to the nearest two decimals) The change in the unemployment rate when the growth rate increases is 4.754.75 percent will be to ▼ by nothing percent. (Round your response to the nearest two decimals) Using Okun's Law, we can infer that the change in the growth rate of GDP will ▼ . Using the real business cycle approach, it can be concluded that the new technology will ▼ stimulate both employment and GDP decrease the value of the marginal product of labor increase the unemployment rate . Which of the following statements explains why the new technology is likely to lead to higher unemployment than estimated using Okun's Law? A. The new technology would increase the marginal product of labor, leading to an increase in the demand for laborers. B. The new technology would reduce the marginal product of labor, leading to a decrease in the demand for laborers. C. The effect of the new technology on the unemployment rate would be moderated by substituting capital for labor.

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