Okun's law states that every 1% increase in unemployment results in a 2% decrease in this quantity's potential. At full employment, it equals aggregate demand. Its namesake deflator is the ratio of its nominal value to its real value, and is a measure of inflation. It can be found using the income formula or the expenditure formula, which states that it equals "C + I + G + NX." An indicator of standard of living is this quantity divided by population, its "per capita" version. For 10 points, name this economic measure of total production within
Okun's law states that every 1% increase in unemployment results in a 2% decrease in this quantity's potential. At full employment, it equals aggregate demand. Its namesake deflator is the ratio of its nominal value to its real value, and is a measure of inflation. It can be found using the income formula or the expenditure formula, which states that it equals "C + I + G + NX." An indicator of standard of living is this quantity divided by population, its "per capita" version. For 10 points, name this economic measure of total production within a single country, not to be confused with GNP.
Okun's law states that every 1% increase in unemployment results in a 2% decrease in this quantity's potential.
Gross Domestic Product [do not accept "Gross National Product"] 