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An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at point A in the figure. Then

An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at pointAin the figure. Then some events occur that move the economy fromAtoBtoDtoCand back toA.

20 Inflation rate (per cent per year) 15 OD 10 5 A OC 2 Unemployment rate (percentage of workforce]

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