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Okun's Law

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Okun's Law
jackbanta Offline
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#1
05-15-2011, 04:24 PM
Question 44 of section 2 in the Macroeconomics Instantcert exam says "Okun’s Law states that for every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate, a ____% GDP gap occurs. "

According to the Power of Economics powerpoints and wikipedia, the answer is 2%. However, Instantcert says 2.5%. What is the actual answer in relation to the CLEP?

Thanks in advance!
~Banta

Graduated 2/17/11: BS in Business, Concentration: General Business from Excelsior College

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marianne202 Offline
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#2
05-15-2011, 05:09 PM
I haven't taken this exam, but I would trust current resources, such as textbooks or professor lectures found online. I have found some errors in the IC flashcards from time to time. I wouldn't trust Wiki as a source, but if you find several other reputable sources that all indicate 2% I would use that as my standard. If this is on the actual exam, with luck your options won't include both of these answer choices so it will be clear cut. Good luck!
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