Question
Assume there is a decrease in the demand for goods and services, which leads to a decrease in the real GDP, and eventually the economy
Assume there is a decrease in the demand for goods and services, which leads to a decrease in the real GDP, and eventually the economy falls into recession.
a.When the economy enters a recession due to a decline in demand, what will happen to the price level?
b.Assume there is no government intervention. Explain how the economy will eventually get back to the natural rate of output (real GDP)?
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Slavery And American Economic Development
Authors: Gavin Wright
1st Edition
0807152285, 9780807152287
