You are given the following information about the economy. Year U V 2000 0.05 1960 2001 0.06 1968 2002 0.09 1908 2003 0.03 2244 The natural rate of unemployment is 0.04, Okun's Law is that (7 – Y)/ 7 =2(u – ū), and a. b. C. Phillips curve relationship is a=t– 2 (u -0.04). What was the full-employment level of output in each year? (4%) Calculate the growth rate of full-employment output each year. (4%) If expected inflation was 0.04 for all four years, what was the inflation rate each year? (4%)

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