The Relationship Between Real Gnp And Unemployment

Principles of Economics Project Title The intercourseship between sincere gross national product and Unemployment in Greece in Relation to Okuns Law Country Examined,Greece Greece GNP Un 1981-1.61.8 1982-1.11.8 1983-1.11.3 198420.1 19852.5-0.2 19860.5-0.4 1987-2.3-0.1 19884.30.1 19893.8-0.1 19900-0.3 19913.10.7 19920.70.8 1993-1.60.7 199420.3 19952.10.3 19962.40.4 19973.60.2 19983.41 19993.41.2 20004.5-0.8 20014.2-0.5 20023.4-0.4 20035.9-0.6 20044.6-0.8 20052.2-0.6 20064.5-1 20074.5-0.6 20082-0.6 numeral 1 1.Real Growth Rate in GDP and reposition in unemployment, 1981 to 2008. The table in Figure 1 shows the existent reaping set (GNP) and change in unemployment figures over the close 1981 to 2008. data obtained from the European Economy, European Commission website: http://ec.europa.eu/economy_finance/publications16106_en.pdf Okuns Law states that if the realistic GDP is increased by virtuoso point, the actual rate of unemployment decreases by 2-3%. 2.The Business Cycle Figure 2 The median(a) sour rate in Greece for 1981 to 2008, shown in Figure 2, is 2.2% which is let soft in comparison with other EU countries. For example, average harvest-tide rate in Luxembourg during this time was 4.6%. In Greece, egression in this period never really rules above 4%. During periods of growth from 1997 to 2007 (with the exception of 2005), although unemployment fell during these years, it was not of any grandiloquent nature and never more than 1% which would indicate these periods as overheating. From the beginning of the 1980s, Greece experienced several periods of decline, overcooling, in their growth, where it a good deal fell below 0% in concert with increasing unemployment. Although in this period there were times of growth, it was winding at top hat and did not stabilise until 1994. Figure 3 The scatter plot in figure 3 plots the change in unemployment against...If you wan! t to get a all-inclusive essay, order it on our website: BestEssayCheap.com

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