According to Okun’s law, how much output (real GDP) was lost in 2009 when the nation’s unemployment rate increased from 5.8 percent to 9.8 percent?
Suppose the following data describe a nation’s population: Year 1
Year 2
Population Labor force
Unemployment rate
320 million 150 million
6 percent
330 million 160 million
6 percent
(a) How many people are unemployed in each year? (b) How many people are employed in each year?

Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?