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4. Illustrate the effects of the following developments on both short-run and long-run Phillips curves. (a) Businesses become less optimistic about the future. (Assumption: no

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4. Illustrate the effects of the following developments on both short-run and long-run Phillips curves. (a) Businesses become less optimistic about the future. (Assumption: no change in inflation expectations) (3 marks) (b) A rise in government expenditure

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