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Which one of the following laws is used to describe the relationship between the changes in unemployment and changes in real GDP of an economy?
  • a)
    Say’s Law
  • b)
    Engel’s Law
  • c)
    Okun’s Law
  • d)
    Cambell’s Law
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which one of the following laws is used to describe the relationship b...
Okun's law investigates the statistical relationship between a country's unemployment rate and the growth rate of its economy.That rule of thumb describes the observed relationship between changes in the unemployment rate and the growth rate of real gross domestic product.
 
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Which one of the following laws is used to describe the relationship b...
Okun's law investigates the statistical relationship between a country's unemployment rate and the growth rate of its economy.That rule of thumb describes the observed relationship between changes in the unemployment rate and the growth rate of real gross domestic product.
 
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Which one of the following laws is used to describe the relationship between the changes in unemployment and changes in real GDP of an economy?a)Say’s Lawb)Engel’s Lawc)Okun’s Lawd)Cambell’s LawCorrect answer is option 'C'. Can you explain this answer?
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